• Bitcoin is about to record yet another bearish week due to the recent price drop.
• The next target of the BTC price could be around $22,050 to $22550 which may also be the bottom of the current descending trend.
• If the price fails to hold at any support levels, then it is assumed to enter the high liquidity area between $17,800 and $20,800.
Bitcoin Price Analysis
The buyers appear to have shed their strength in holding Bitcoin’s (BTC) price above $24,000. As a result, a ‚zig-zag‘ price plunge is expected in the coming days that may lead Bitcoin’s price below $23,000 this weekend.
Bearish Trade Set Up
After slicing down from its first target at $23,200, the next target of Bitcoin could be around $22,050 – $22550 which may also be the bottom of the current descending trend. If prices fail to hold at these levels, then there might be a downswing testing other lower supports until they reach higher liquidity areas between $17,800 and $20,800.
In case of an upswing after a minor pullback from support levels near 22K USDT and 23K USDT levels on BTC/USDT pair on Binance exchange; traders may expect an interim bottom for BTC between 25K USDT and 27K USDT level before further rise in prices towards 30K USDT level again with possible resistance near 29K USDT level for short-term trades.
Traders should cut losses immediately if prices break below 20k USDT levels on Binance exchange as bears can take control over market if such situation occurs and push prices towards 15k – 17k USDT range where strong buying will start taking place again.
As per technical indicators Bitcoin might face heavy volatility this weekend as trading volume increases so traders should use proper risk management techniques while entering or exiting trades during high volatile times like these.