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Bitcoin Weekly Trade Analysis: Is BTC Price Set for a 20% Drop Ahead of Yearly Close?
The current bearish trend in the cryptocurrency market has triggered a wave of concerns among traders and investors. The Bitcoin (BTC) price has been experiencing a persistent drop, prompting questions about its future trajectory. As we approach the end of the year, it is essential to analyze the situation further.
In recent days, there have been no significant changes in sentiment, as both bulls and bears appear passive. This lack of conviction might lead to an extended pullback, with losses ranging from 10% to 12%. In this scenario, the Bitcoin price would be under bearish influence going into the yearly close.
A closer examination of trading volume reveals that it has surged somewhat compared to previous days, hinting at increased volatility in the coming days. This trend could have a significant impact on the yearly close, as even small changes can dramatically alter the market sentiment.
It is crucial to note that Bitcoin’s price broke below critical support levels and failed to secure higher ground above resistance levels. This weakening of bulls may result in a recovery only if the token can surpass $92,000. If not, it may lead to further losses and potentially drop down to the range between $71,000 and $81,000 or even as low as $65,000.
Furthermore, our analysis suggests that the RSI is currently decremental, indicating that the trend remains bearish. This circumstance means we could witness lower targets, including those previously mentioned.
To conclude, considering the current state of the market, there appears to be a potential buyback opportunity for Bitcoin (BTC) within the range $80,000 and $85,000. This zone might offer a long-term opportunity for investors looking to make an informed decision about their assets.
Source: coinpedia.org
