- The Bitcoin price is currently down by nearly 5%, as the crypto market’s unprecedented crash continues.
- BTC had dropped over 10% on Friday, dropping to $36,551.
The Bitcoin price continued to drop during the ongoing session, as it slipped below the crucial $35,000 level, a level which market watchers hoped would stabilize the price. On Friday, BTC had registered a sharp drop, falling over 10% and settling at $36,551. Saturday saw the price remain in the red, dropping by nearly 4% to $35,198. Despite the bearish sentiment, BTC could register a recovery on Sunday, rising by 3.27% and moving to $36,347, before falling back during the ongoing session.
Bitcoin Price Chart Indicates BTC Looking Tob Push Back Above $35,000
The Bitcoin price started the previous weekend in the red, registering a marginal drop on Friday. The weekend saw BTC push up by 1.62% on Saturday before registering a marginal drop on Sunday and settling at $43,122. Monday saw BTC continue to drop, as it fell by nearly 2% to $42,287, before registering a marginal increase on Tuesday. However, BTC was back in the red on Wednesday, dropping by 1.62% and settling at $41,719.
Image: BTC/USD daily
The Bitcoin price remained bearish on Thursday, as it fell by 2.36% to $40,735. Friday saw BTC drop over 10%, as the price dropped to $36,551. The weekend saw the bearish sentiment persist, as BTC dropped by nearly 4% to $35,198. However, despite the bearish sentiment, BTC was able to register a recovery on Sunday, rising by 3.27% and settling at $36,347. The current session sees BTC back in the red, although it has managed to push back above $35,000.
We can see that the MACD is currently bearish, but if BTC manages to recover, we could see it flip to bullish.
Looking at IntoTheBlock’s IOMAP for the Bitcoin price, we can see that BTC faces strong resistance at around $38,400. At this price level, over 571,000 addresses have sold more than 472,000 BTC.
The 4-hour Bitcoin price chart shows us that BTC had dropped to $41,577 on the 18th. The price pushed up from this level, rising to $42,052, then pushing above the 20 and 50-bar SMAs on the 20th, moving to $43,352. However, after reaching this level, the price turned bearish and fell back below the 50 and 20-bar SMAs to $38,511. BTC continued to drop from this level, slipping below $35,000 and falling to $34,622 on the 22nd. The price pushed back up from this level, rising to $36,347 before falling back to $33,718 and then rising to its current level of $36,000.
We can see that the MACD is currently bullish, indicating that the price could push higher.
Image: BTC/USD 4-hour
Bitcoin's RSI Reaches Lowest Point In Two Years, Here's Why It Is Possibly Good For Market
The Relative Strength Index, one of the most popular technical indicators in market analysis, has reached extremely low values previously observed in March 2020, caused by the global financial crisis. Experts often use the Relative Strength Index to determine current conditions on the market and point out reversal points once the price reaches oversold or overbought values.
The indicator is also used to find divergences against the price chart and determine whether the trend on the asset is reversing. But while deviations could be considered an additional way of using the indicator, looking for oversold and overbought levels is the main way of using the Relative Strength Index.
While the RSI can give us a hint about the upcoming movement in the future, it is not a panacea against the bear trend since its signals are usually considered short-term. Almost every reversal signal based on RSI stays active until the indicator's values enter the "neutral" zone.
During the last drop below the value of 25 on the indicator back in March of 2020, Bitcoin reversed almost immediately, reaching a local high of $10,000. But while the indicator "predicted" a short-term reversal, data provided by it have not suggested that the cryptocurrency would jump to the new ATH in the next few months.
Bitcoin recently dropped to $35,000 levels after another unexpected drop that occurred during the asset's correction that began back in November, when the digital gold was trading at almost $70,000.
Bitcoin Price Is Expected To Reach These Levels
Looking at the Bitcoin price chart, we can see that BTC has made quite a strong recovery and is now down by just over 1%. If the current sentiment persists, we could see BTC push above $36,000.