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FXStreet Team
FXStreet
Bitcoin price is witnessing a devastating crash, wiping out liquidity levels as far back as 2020. Key levels have been defined to gain perspective on BTC’s potential landing grounds.
Bitcoin price has experienced a jaw-dropping decline as the peer-to-peer digital currency breached new yearly lows at $15,600. As investors jump ship, traders are forced to ask the question, how far can Bitcoin truly fall?
Bitcoin price currently auctions at $15,894. The massive decline saw 679,000,000 dollars worth of long liquidations in the last 24 hours. BTC now auctions in levels last touched in 2020 before its infamous bullrun. The Relative Strength Index continues to descend into oversold levels as retail bears have now joined the trend.-638036331917468758.jpg)
Crypto Total Liquidations
It is worth noting that the Volume Profile Index shows fewer transactions in the current sell-off than in the US midterm elections liquidation. This could be a subtle cue that the downtrend is losing steam. Still, if the downtrend is not over, the next targets would be 2020 liquidity levels between $15,000 and potentially $14,500.
BTCUSDT 1-Hour Chart
Invalidation of the bearish thesis may rise if the bulls can breach the $17,900 swing high. In doing so, a rally toward $21,500 could occur. Such a move would result in a 35% increase from the current Bitcoin price.
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team
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AVAX price has broken out of a critical hurdle and pattern, signaling the start of a quick run-up. However, bulls currently face AVAX price has breached an inverse head-and-shoulders setup, hinting at a 13% upswing. AVAX price has broken out of a critical hurdle and pattern.
XRP price shows a clear sign of exhaustion after overcoming the selling pressure and flipping a significant resistance level into a support floor. Adding credence to the current scenario is Bitcoin’s lack of volatility, which has caused most altcoins to come to a standstill.
Ethereum price set up a local top after a quick run-up over the last week. This move was followed by a tight consolidation that resulted in a breakdown, allowing sidelined buyers to step up. As a result, ETH is primed for a quick run-up.
Bitcoin price shows a tight consolidation in the four-hour timeframe, indicative of a volatile move. The most plausible outcome of this range tightening would be a minor correction to rebalance the imbalance present to the downside.
A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible.
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