Bitcoin price completed a bullish “golden cross” pattern on Tuesday, causing the prices to jump higher. However, the BTC price failed to hold momentum and fell below the $23K level.
The BTC price fell nearly 4% in a day to hit a low of $22,458 today. Bitcoin price is now under pressure due to several reasons such as rising FUD in the crypto market, macroeconomic factors, and profit-taking at higher levels.
Bitcoin Price To Fell Below $20K?
Popular crypto analyst Michael van de Poppe in a tweet on February 9 said Bitcoin price has hit the support level of $22.5K again. Liquidity moved out of the market as investors book profits at higher levels amid market uncertainty.
While he believes the correction is technically over, an upside move above $22,800 will confirm the prediction. Bitcoin has mostly been moving near the $23K since mid-January. Thus, a possibility of a fall to $21,700 still exists. Traders speculate a fall to $20K is likely not in focus despite present market conditions.
Bitcoin price trend also completed a “golden cross” pattern as 50-MA (red) crossed over 200-MA (blue) in the daily timeframe on February 7. While the “golden cross” is a bullish pattern that can extend Bitcoin’s 40% rally in January, the current market conditions restrict an upside move.
The formation of the Golden Cross during the last bear market of 2019 resulted in a 154% price rally in the BTC price. If the same thing repeats, we could see Bitcoin trading at more than $57,000 this year.
The RSI falling to 69 also hints at a weak Bitcoin price in the next few days. BTC price is still under correction and can fall even more. At press time, BTC price is trading at $22,700, down over 2% in the last 24 hours.
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