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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Fails To Establish Significant Demand, Why Price Could Fall To $20K

Best Owie
Best Owie
1 year ago
3 mins read
Bear waving

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Bitcoin lost its footing above $40,000 once more over the weekend and has been on a downward trend since. This is not a shocking move given that the last two moves into the $40-$44K range had ended the same way. However, this third time has come with a much lower momentum, raising concerns regarding the ability of the digital asset to establish any semblance of support below this level.

No Demand Established

A fall below $40K shortly after breaching it is not unheard of in the history of bitcoin. In fact, given the highly volatile nature of the digital asset, moves like these are expected to occur at intervals. It is one of the characteristics that makes bitcoin such an attractive investment option. However, with the cryptocurrency coming out of a bullish year, moves like these can be important to establish if the digital asset has indeed landed in bear territory.

Related Reading | Yearn Finance (YFI) Down 13% Following Andre Conje’s Exit

One of the things that characterize the beginning stages of any bull rally has always been the demand. This comes when investors begin absorbing the available supply on exchanges, leaving less volume for other investors to purchase. Once demand rises above supply, then another rally, or at least a recovery, can begin.

Bitcoin has however failed to establish any type of significant demand following this decline though. This lack of demand moment through one of the highest areas of liquidity, the local golden zone, does not spell good news for the digital asset. With more BTC being dumped on the market and not enough demand to absorb this new supply, bitcoin will deviate entirely from its bullish trend.

Bitcoin chart

BTC has not seen any significant demand | Source: TradingView.com

Why Bitcoin Needs Momentum

The growth of any digital asset and its value depends greatly on the kind of momentum that is being experienced at any particular point. BTC has continued to trade sideways in the past few weeks, an indicator that there has been no real momentum behind all of the recent recoveries. Instead, there has been some bearish divergence building on the larger timeframes.

Related Reading | Why Ethereum May Retest The $2,500 Support Level

Although bitcoin is not entirely out of the bull territory, the bears still maintain a good grip on the market. Following this trend, BTC is gearing to backtest the monthly 21 EMA once again, says an analyst. Since this cannot hold forever, then a breakdown could happen that could see the price of the digital asset crumble to the $20K-$24K level.

Bitcoin price chart from TradingView.com

BTC low momentum continues to drag price down | Source: BTCUSD on TradingView.com

One important fact to note is how much of the market has moved from short to long. More than 97% of the cumulative market is net long on bitcoin. Inversely, only 2.79% of the cumulative market remains short. So while the long-term outlook for bitcoin remains bullish, the short-term is as bearish as it gets.

Featured image from CoinDesk, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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