Bitcoin Bulls Try To Recoup As BTC Dislodged From $22,000 Level

Christian Encila

Last Updated: July 26, 2022 12:58 pm

2 mins read

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It was a good run until it lasted. The crypto market was having a blast last week, until it sharply nosedived by 3.06% to $1.01 trillion on July 25, Monday. Bitcoin together with Solana, Ether, and Polkadot were all knocked over at the start of the week.

Bitcoin was off-course and shaved off the gains it made over the past few days which allowed it to get to its glorious one-month high of $23,000 until it plunged below $22,000 levels on Monday.

As of this writing, Bitcoin is trading at $21,850, down nearly 5 percent in the last 24 hours, data from Coingecko show.

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BTC Price Can Retest $25K In Coming Days

Bitcoin has been steady and holding it at the $23,000 level with very minimal drop in prices seen in the past few days especially with the sellers dominating the crypto market.

The crypto was able to successfully breach the ascending pattern and now retests the pattern’s resistance levels. BTC is now eyeing the next key resistance level at $31,300. The price could still hit the $24,000 level in the next couple of days, if not weeks.

BTC recently slid into a downside correction. A break under the key bullish trend was spotted closely at the $22,700 level for the BTC/USD pair. The pair is predicted to suffer a massive drop once it moves below $21,450.

If BTC cannot stay afloat or above $21,800, it may continue to drop. Support is seen to sit close to the $21,500 level. A close that happens below that may send the price way down or near $20,000.

BTC total market cap at $418 billion on the daily chart | Source: TradingView.com

Bitcoin Downtrend Due To Elon Musk BTC Announcement?

The downward trend of Bitcoin happened last week when Tesla CEO Elon Musk announced that he sold roughly 75% of his total BTC holdings.

Bitcoin was pushing above $24,000 but the bears caught up at the $23,800 zone. The last high was at $23,744 before it retreated. Following a quick rally, Bitcoin sharply dropped to the $22,000 level right after it has outstretched above $23,000 as seen in the past week. In spite of the decline in the selling pressure, BTC was able to maintain its 6% gains from the earlier week.

Well, BTC may potentially rise targeting the $24,000 level anytime soon following the surge in seller power. However, there is also a slim chance that BTC could plunge to the $20,000 zone especially if it dips below its current level.

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Featured image from MarketWatch, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.