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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 Loses Critical Level Below $23,000, Bears Prepare For New Assault?

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin bear

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Bitcoin has been slowly trending to the downside over this week. The first cryptocurrency by market cap seems to have lost momentum as uncertainty spills into the crypto market from legacy markets.

Related Reading: The Pelosi Effect? Ethereum Faces Headwinds Over Area At $1,600

At the time of writing, Bitcoin trades at $22,600 with a 4% loss in the last 24 hours and a 1.2% loss over the past seven days.

Bitcoin BTC BTCUSDT
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

The cryptocurrency has lost its 200 days simple moving average (SMA) at $22,800. In the short term, recapturing this level is crucial to maintain the bullish momentum.

Bulls need to sustain BTC’s price current levels and push beyond its 200 SMA to prevent the cryptocurrency from re-testing previous support levels. Analyst Caleb Franzen presented the chart below to show how BTC’s price was rejected at a critical level.

Bitcoin BTC BTCUSDT
Source: Caleb Franzen via Twitter

The cryptocurrency managed to hit the top of the channel shown above and now seems poised to re-test the lower level at $21,200. This level should operate as support in order to stop a downside trend below $20,000.

Data from Material Indicators (MI) show over $20 million in bid (buy) orders for Bitcoin between $22,200 to $22,400. Remains to be seen if these orders will be able to push the bears back, below those levels, the order book looks thin until $19,000.

At the time of writing, there are $16 million in buying orders at $19,000 which should act as the final line of defense in case Bitcoin continues to trend to the downside. Franzen said the following on BTC’s potential to see further losses in the short term:

Whether you want to call this a parabolic trendline or a curved trendline is irrelevant to me. Based on what I’ve heard from the analysts who use them, should we be concerned about short-term momentum reversing for Bitcoin? I don’t know (…). Markets can swing between both extremes of sentiment/trend. (…) I think the magnitude & velocity of this move has been too large.

Will This Time Be Different For Bitcoin?

A different perspective for the price of Bitcoin shows that it is currently trading just above its 200 weekly moving average (WMA) at $22,300. The cryptocurrency has only lost this level 7 times since its inception, said Yassine Elmandjra analyst at Ark Invest.

Once the cryptocurrency has reclaimed this level after a pronounced loss, it often tends to the upside. On average, Elmandjra said, Bitcoin records a 240% increase when this happens.

Related Reading: Avalanche (AVAX) Poised For 25% Rally Ahead Of Seoul Web3 Hackathon

However, BTC might not follow a similar trajectory immediately, the cryptocurrency might face some bearish and sideways price action in the meantime. The analyst said:

On a relative basis, if this bear market is as severe as the 2018 bear market, bitcoin could see more downside. Bitcoin has corrected 72% relative to its all-time high. Bitcoin usually finds global cyclical bottoms with a correction greater than 80%.

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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
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