The past financial quarter didn’t go as expected. We did witness the emergence of humongous selling pressure in the overall market conditions including Bitcoin. The world’s largest cryptocurrency has almost retraced about 60% considering the high of Q2 2022 and the current market price. Although the downfall wasn’t a steeped one, BTC found support levels at regular intervals when it broke below $45K for the first time in the quarter.
Considering the moving averages, BTC is trading below MA-10, MA-50, and MA-100 which certainly reflects the prevailing bearish sentiment. The price level had attempted to develop sustainability above MA-10 on multiple occasions but failed to have a formidable bounceback. MA-50 is currently acting as a temporary resistance level while MA-100 lies far beyond the current price action.
The RSI level also faced multiple dips toward the oversold region, especially during the last month of the quarter, and currently showcasing negative nature. The MACD level mostly spent the quarter below the histogram which again reflects the bearish sentiment. Currently, it is looking for a breakout above the histogram.
Overall, bears are certainly having a grip over the market conditions. If BTC continues to sustain below the crucial psychological mark of $20K, one might expect more downfall. In that case, support levels can be placed at $18K and $16K. On the contrary, resistance levels can be placed at $22K and $24K.
Considering the moving averages, BTC is trading below MA-10, MA-50, and MA-100 which certainly reflects the prevailing bearish sentiment. The price level had attempted to develop sustainability above MA-10 on multiple occasions but failed to have a formidable bounceback. MA-50 is currently acting as a temporary resistance level while MA-100 lies far beyond the current price action.
The RSI level also faced multiple dips toward the oversold region, especially during the last month of the quarter, and currently showcasing negative nature. The MACD level mostly spent the quarter below the histogram which again reflects the bearish sentiment. Currently, it is looking for a breakout above the histogram.
Overall, bears are certainly having a grip over the market conditions. If BTC continues to sustain below the crucial psychological mark of $20K, one might expect more downfall. In that case, support levels can be placed at $18K and $16K. On the contrary, resistance levels can be placed at $22K and $24K.