Amid the recent bloodbath in the crypto market, the Bitcoin price lost the last 2022 bottom support of $18400-$18200. Losing this crucial support indicated the BTC price should continue the prevailing downtrend to revisit lower levels. However, the Stock to Flow (S2F) model by Plan B and RSI divergence suggest that the Bitcoin price will recover in 2023.
Key points:
The technical indicators suggest an oversold Bitcoin price
A bullish breakout from the weekly 20 EMA slope should offer an early sign of recovery.
The intraday trading volume in Bitcoin is $18.8 Billion, indicating a 4.32% drop
Source-Tradingview
The Bitcoin price tried to sustain above the $18400-$18200 support for nearly five months. However, with the recent incident of the FTX crypto exchange crash, the market witnessed a significant sell-off, leading to a massive breakdown of BTC price from the aforementioned support.
Moreover, a weekly candle closing below the $18200 support reflects the sellers are confident to reach
We współpracy z: https://coingape.com/markets/will-bitcoin-price-continue-its-downfall-in-coming-weeks/
