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- Bitcoin (BTC) hit a new two-month low of $25,880.
- According to the RSI indicator, BTC is in the oversold zone.
The crypto market has experienced a massive downtrend in recent days. Bitcoin (BTC), the world’s largest cryptocurrency, has seen a slight recovery after falling below the $26,000 mark. However, BTC’s trading price remains around $26,000, indicating strong bearish momentum.
Before the recent decline, the largest cryptocurrency had been trading within a tight range of $28,000 to $29,000 for several weeks. The crypto community expected BTC to break this bearish momentum and reach the $30,000 mark sooner. Instead, Bitcoin’s price continued its downward trend, reaching a monthly low of $25,880 on August 19. This drop sent shockwaves through the entire crypto market. Compounding the pressure, $1 billion worth of liquidations occurred in the crypto market on August 18 within a 24-hour period, adding further strain to Bitcoin’s price.
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Bitcoin (BTC) Price Analysis: 24-Hour Timeframe
At the time of writing, Bitcoin was trading at $26,044, reflecting a 0.31% decline over the last 24 hours. According to CoinMarketCap, BTC’s daily trading volume dropped by 10.91%.
Bitcoin (BTC) Trading Price Chart (Source: TradingView)
The daily trading price chart shows that BTC is in bearish momentum, as the current price is below the 50-day exponential moving average (50 EMA). Furthermore, the Relative Strength Index (RSI) indicator places Bitcoin in the oversold zone, with the RSI level at 20.62. This clearly explains the reason behind BTC’s bearish momentum.
According to the data, if Bitcoin experiences bullish momentum, it will reach the nearest resistance level of $26,500. If the trend continues, the trading price could break through $27,000 and even advance to surpass $28,000. On the other hand, another drop may begin if BTC fails to break the nearest resistance of $26,500. Moreover, it could fall below the support level of $26,000, and if bearish momentum persists, Bitcoin could trade below the $25,000 mark. What do you think? Will BTC show a pump? Tweet to us at @The_NewsCrypto and let us know your thoughts.
