BTC plays with the key support, on which it still stands, and the correction does not seem to be receding and will continue. Therefore, in today’s analysis, we will look at bear scenarios, where the price could still fall. The dominance of the main cryptocurrency, meanwhile, has fallen slightly to the current 45.84%.
BTC trades for $ 20,750 at the time of writing rebound from MA200 was minimal. We will be particularly interested in closing the close price of a weekly candle above or on this indicator. Otherwise, we will witness ongoing correction. Where can this correction continue and where are the support levels?
BTC is currently under MA200
The nearest support is located around the zone $ 19,000 to $ 20,000. Many analysts consider this zone to be the final one for correction. This is the zone of the previous ATH. BTC would thus touch the ATH of the previous cycle for the first time in history. But what if the price of this support can’t hold? The most bearish scenario I follow on $ 12,000.
It starts in the zone from $ 12,000 and below massive volume of transactions which would probably stop the correction. These volumes are somewhere even 20X larger than in the last 2 years. BTC would also enter the price range of the previous cycle for the first time.