The bears are back again in the overall market conditions as the weekly loss for BTC reaches nearly (-)12.30%. On the chart, the price level has suffered a negative breakout from the rising channel pattern reflecting upon a strong change in sentiments
During the past bullish rally, BTC faced significant resistance around the 0.236FIB level which may have resulted in the sentiment change. Additionally, MA-10 has also suffered a negative crossover against MA-20 and the price level has again fallen below major moving averages
The MACD level also showcased bearish crossover and red bars formation on the histogram. The RSI level suffered a dip towards the oversold region and still showcased negative nature while residing at 33.80
Overall, negative sentiment has surely kicked backed in the overall market conditions. Narrative of the possible new-yearly bottom for the world’s largest cryptocurrency has started to float on media channels. Adding to that, support levels for BTC can be placed at 20K and 18K. On the contrary, resistance can be placed at 23K and 25K.