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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Falls To Decisive Line At $21,500, What Levels Should BTC Hold?

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
bitcoin

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Bitcoin hangs by a thread as an increase in selling pressures sends major cryptocurrencies back to critical support levels. The number one crypto could return to the bottom of its current range If bulls are unable to step in and push back on this fresh bearish assault.

Related Reading: TA- Price Of Ethereum Struggles To Hold $1,700, Are Bears Taking Over?

At the time of writing, Bitcoin’s (BTC) price trades at $21,400 with a 9% loss and an 11% loss in the last 24 hours and 7 days, respectively. Ethereum continues to outperform BTC’s price as it has been able to hold on to part of the gains from last week, but bulls must draw the line at the resistance turned support on $1,700.

Bitcoin BTC BTCUSDT
BTC’s price with minor losses on the 4-hour chart. Source: BTCUSDT Tradingview

According to senior market analyst for Cubic Analytics Caleb Franzen, Bitcoin’s bearish momentum might be about to increase. The cryptocurrency is flashing a potential selling signal according to the 4-week Williams%R oscillator, an indicator used to measure an asset’s momentum.

The Williams%R indicates that Bitcoin has gone from overbought levels to oversold, according to Franzen. As seen in the chart below, whenever this indicator signals oversold, the price of Bitcoin has trended to the downside.

This indicator has successfully predicted June’s 2021 major crypto crash when the price of Bitcoin dropped from a yearly high north of $64,000, and the most recent downside trend when BTC finally lost $40,000 and reached its lowest price in two years at $17,600. The analyst said:

When the 1-month W%R plummets from “overbought” to “oversold”, this has been a precursor for a larger decline and capitulation. Could this time be different? Absolutely. But bear market momentum will be hard to defeat.

Franzen believes $21,500 will operate as an important level for a potential support re-test. If BTC’s price fails to retain these levels, the cryptocurrency might drop to $20,500 and $19,000 before seeing a rebound.

What’s Impacting The Price Of Bitcoin?

The crypto market has been experiencing relentless selling pressure due to macro-economic factors: the U.S. Federal Reserve (Fed) hiking interest rates, and high inflation which has driven off risk appetite in global markets. These factors were mitigated by recent events.

However, economist Alex Krüger believes the attention has moved from the U.S. to Europe. The old continent faces an energy crisis, the war between Russia and Ukraine, and potential dangers for economic growth across its major economies.

Related Reading: Ethereum (ETH) Dips Consecutively And Falls Below $1,800

In the current macro conditions, Krüger believes only Ethereum might have a chance to continue outperforming due to the upcoming “Merge” on mainnet, the transition from Proof-of-Work to Proof-of-Stake. Krüger said:

Two things happened overnight: equity risk off driven by bad German data, crypto hit air pocket after consolidating at the lows. Seems markets moving from focusing on the Fed to focusing on Europe. ETH is the best performing crypto asset in this dump, not about positioning

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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.

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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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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