After the selloff after the Ethereum merger was completed, Bitcoin fell below $20,000 again. With the decline, digital assets returned to a three-month low, which allowed bears to gain trust during this period. However, one problem remains, that is, cryptocurrencies have been unable to find the right support, resulting in a continued downward trend.
Bitcoin price fell to the low point of the range
Last week, the price of Bitcoin fell several times. The Ethereum merger has become a "buy rumor" incident, resulting in a large increase in holdings in the entire cryptocurrency market. But soon after, the price plummeted and Bitcoin fell below $20,000 again.
Doing so is to send pioneer cryptocurrency back to the range low. When it hit a little above $19,000, it had fallen to a three-month low that had not been seen since June this year. Since then, Bitcoin has been working hard to stay above $18,000 and has not fallen to its June low.
BTC fell to three-month low
The current price decline is a byproduct of Bitcoin’s inability to break through $22,500. Testing at this point caused the price to fall, bringing its price back to $18,000. After this decline, digital assets have been able to recover, but only weakly. It fell back to $18,000 again, and the bears continued to hold the fortress.
pushes 2018 levels
Even now, the price of Bitcoin is still in a more favorable position compared to the bottom of the previous bear cycle. Bitcoin is currently priced just above $19,000, putting it in the consolidation range between $17,500 and $25,000 in the past three months.
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However, given the recent decline in digital assets, it shows attractiveness to the previous bear cycle, and if it sticks to this trend, it will drop it to the bottom of $12,000. Furthermore, the sell-off has continued over the past few weeks, at which time digital assets are under tremendous pressure.
Continuous consolidation in these ranges shows that there is a lot of resistance at $22,500 and $25,000. This explains why Bitcoin’s price declines after testing the former, and it turns out to be a key point in any recovery trend.
If Bitcoin fails to stay above $17,500 and falls below this point, then Bitcoin will hit a low of $12,000 before the bull market. However, if there is a clear recovery trend that makes the price of digital assets exceed $25,000, the indicator shows that this will lead to a bullish breakthrough.
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