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BTC analysis – the price has dropped under $ 20,000, where’s the next stop?

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BTC for the first time in history fell under the ATH of the previous cycle and is currently trading at a price level $ 19,400. The main cryptocurrency thus breaks another negative record and continues to fall freely. BTC dominance in the meantime, it progresses in the correction and reaches the level of 44.51%.

The market price did not maintain support on the weekly indicator MA200 and still falling. First of all, we will monitor the closing of the weekly candle and the difference in its close price from this indicator. If it closes below, a new record awaits us again, because the price has always kept this one in history support.

Bitcoin under 20,000BTC under 20,000. Source: TradingView

BTC under $ 20,000

In the long run, we can wait for testing support at current market prices, or we will monitor support around $ 12,000. From the level of $ 12,000 and below, there are such high volumes that they reach about 20 times the average volumes that have been created in the last 2 years.

RSI indicates high oversold on the daily chart, but in history the chart has reached significantly lower levels. The truth is that the price is nearing the final stage of correction, but the fall in cryptocurrencies can still be significant. At present, it is not possible to identify a trend reversal.

BTC does not yet indicate a halt in the slump, and therefore market entry may bring losses in the coming weeks, despite a deep correction. Even $ 20,000 support doesn’t seem to stop the price from falling.

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