Amid the frequent swings in Bitcoin price, the current market cycle has yet to reach its delta zone. In the past few weeks, bitcoin price has surpassed $20,000 multiple times. The $20,000 level is an important factor from a psychological point of view. In this regard, it remains to be seen whether the BTC price would make a new low in this cycle clouded by the bear market environment.
Bitcoin (BTC) delta price level
A close look at Bitcoin’s price pattern of late shows that there is a possibility of another price drop. According to Crypto Quant data, BTC is currently forming a descending triangle pattern. This pattern is generally followed by a fall in price and the loss of existing support levels. Also, the BTC price is correlated with the US stock market. If stock prices fall further, there is a high probability that BTC will follow suit.
“Bitcoin forming a descending triangle pattern. This pattern is usually associated with a breakdown and increases the possibility that the current support level will be lost in the near future.”
On-chain data shows that Bitcoin has yet to realize its delta price range in the current market cycle. Based on the current price pattern, BTC is likely to see a delta price range of $17,000. Also, $17,000 could serve as the next level of support for the top cryptocurrency. This is around 15% lower than the current bitcoin price range. At the time of writing, BTC price is in the red at $19,445 3.17% in the last 24 hours according to price tracking platform CoinMarketCap. Over the past month, BTC has fallen sharply from a monthly high of $22,520.
Anvesh reports on key developments surrounding crypto adoption and trading opportunities. Associated with the industry since 2016, he is now a strong advocate for decentralized technologies. Anvesh currently resides in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him at [email protected]
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.