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 the past few days. Bitcoin (BTC), the world’s largest cryptocurrency, has experienced a slight recovery after falling below the $26K mark. However, the trading price of BTC is still around the $26,000 mark, showing strong bearish momentum.
Before the recent dump, the largest cryptocurrency had been trading between a tight range of $28K and $29K for the past few weeks. The crypto community expected BTC to break the bearish momentum and reach the $30K mark sooner. However, Bitcoin‘s price has continued its bearish momentum and reached a monthly low of $25,880 on August 19. The fall of the BTC trading price has sent shockwaves through the entire crypto market. Adding to that, 1 billion dollars worth of liquidation occurred in the crypto market on August 18th in 24 hours. This adds more pressure to the crypto market and Bitcoin’s price.
Bitcoin (BTC) Price Analysis-24-Hour Timeframe
At the time of writing, Bitcoin has been trading at $26,044, with a decline of 0.31% in the last 24 hours. The daily trading volume of BTC has experienced a drop of 10.91%, according to CoinMarketCap.
Bitcoin (BTC) Trading Price Chart (Source: TradingView)
The daily trading price chart shows that the BTC is in bearish momentum as the current price is below the 50-day exponential moving average (50 EMA). Moreover, according to the RSI indicator, Bitcoin is in the oversold zone as the RSI level stays at 20.62. This clearly shows the reason behind BTC’s bearish momentum.
According to the data, If Bitcoin experiences bullish momentum, it will reach the nearest resistance of $26,500. If the trend continues, the trading price will 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 will go all the way below the support level of $26K, and if the bearish momentum continues, Bitcoin will trade below the $25K mark. What do you think, Will BTC show a pump?