The market records double-digit losses when bears celebrate a triumphant Thursday. The BTC/USD lost just over $3,000 in 24 hours. This Thursday turned out to be a historically bearish day for the crypto market while several factors combined to push the crypto market down.
BTCUSD Dominant Trend: Possible Reversal of Bullish Trend
Supply Levels: $14,000, $14,200, $14,400
Demand Levels: $9,000, $8,800, $8,600
The BTC/USD has lost almost $3,000 in 24 hours and is currently trading at $11,230. The first digital currency collapsed below $12,000 in Thursday’s European hours, after a staggering $13,700 on Wednesday. At the time of writing, the BTC/USD is changing hands to $11,230, compared to $10,321 of yesterday’s low. Bitcoin bulls desperately need a price over $12,000 as soon as possible to relieve downward pressure and create a favorable technical environment for the resumption of the initial resistance of $11,500 (MA 55 – Moving Average on the 4-hour chart), followed by $12,000 (middle line of 4-hour Bollinger Band). On the other hand, a move below the intraday low of today will increase the selling pressure with the next focus on $9,000. Technically, Bitcoin has a bearish bias and the divergence in the Moving Average Convergence Divergence (MACD) means that the price could explore levels close to $8,600 in the short term.’
Looking at the chart, BTC is now operating towards the middle line of the Bollinger Band and is above the 55-day moving average. In a session of sharp declines, Bitcoin earned almost $ 11,036 as its current lowest level. Is it a change of dynamics? Is the bear market still here? In my opinion, no. As we have already mentioned, the corrections are part of the way up. From below, Bitcoin dropped to the level of $10,321 yesterday. Yes, it was the recent resistance/high of a few days ago. In the event that Bitcoin falls down, the bears should expect to re-verify the support level of $9,000, before reaching $8,800 in an easy and quick way to disassociate. Further below is $ 8,600. From above, Bitcoin now faces $12,000 and the next level is $12,500 before reaching the $13,000 area. Breaking the recent high of 2019, to $13,500, would probably send Bitcoin to the $14,000 zone as there is not much resistance along the way, including the upcoming targets at $14,200 and $14,400, respectively.