Bitcoin Bears May Drag the BTC Price Below $20,000 This Week as Markets Remain Volatile
Bitcoin prices were deeply impacted by the resurgence of the bearish market trend that caused the price to plunge by more than 3.6% from the monthly highs. Meanwhile, the ongoing tussle between Binance CEO, Changpeng Zhao (CZ) and FTX CEO Sam Bankman Fried (SBF) has led the bearish wave within the crypto space. While some believe this could be an interim pullback, market participants may also expect a notable price drop ahead.
The star crypto managed to leap long beyond $21,000 as the release of the fresh CPI rates uplifted the price considerably. Meanwhile, the Bitconniers expected a continued bullish trend ahead that could have led to an upswing beyond the crucial resistance at $22,500. But the fresh market plunge dragged the price lower and is also expected to lose the $20,000 mark very soon.
Bitcoin’s price previously flashed a sell signal at the crucial levels around $20,800, and as expected, the star crypto faced rejection. Therefore, the BTC price may either reclaim $20,700 and hold the upper target to continue to surge beyond $21,000 again or else remain within a consolidated range for some more time.
Meanwhile, the BTC price in the short-term is flashing notable bullish signals, as the number of BTC supply in loss reaches a month low while the supply in profit hit a monthly high. Additionally, the BTC miner revenue also reached a monthly high of around $1.8 million to $1.85 million. Moreover, the daily active address is fluctuating between 1M & 85K indicating a nominal activity over the platform.
However, the crypto markets are expected to become more volatile in the next couple of days as some events may have a large impact. like the US midterm elections on Tuesday, U.S. CPI inflation data on Thursday, and U.S. consumer sentiment data on Friday. Hence, the market participants may also expect Bitcoin prices to form a new monthly bottom, probably below $20,000 very soon.Source