All of the major cryptocurrencies are on a sharp downward trend as the Asian session gets underway, and the global market cap of cryptocurrencies has fallen below $1 trillion on concerns over the insolvency of FTX. To reach $1,470, The price of bitcoin dropped significantly and traded at $19,600, breaking through an upward trendline.
Today Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | 17,025.98 |
Bitcoin Price Prediction
The price of Bitcoin is at $19,600, and there are $60 billion worth of trades every day. Over 6% of Bitcoin was lost during the Asian session. With a live market cap of $378 billion, down from $438 billion yesterday, CoinMarketCap presently ranks it #1.
The triple bottom support at $20,000 and an upward channel at $20,400 have been breached by Bitcoin, changing the technical perspective from bullish to negative. On the 4-hour timescale, Bitcoin has also developed a “three black crows” candlestick pattern, signifying a significant bearish bias among investors.
A break of this level might expose Bitcoin to a price as low as $18,650. On the downside, Bitcoin’s immediate support is around $19,230. A negative trend is supported by both leading and trailing indicators including the RSI, MACD, and 50-day moving averages.
A breach below will open the door for more selling till $18,000 and $17,650 if BTC is unable to reverse the downtrend at $18,650.
On the upside, Bitcoin’s immediate barrier is still near $20,000; if this level is broken, BTC may reach $20,635. Today’s bias is still bearish.
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