Bitcoin (BTC) seems to have started the running week on a weaker note. The data shows that the trading price of Bitcoin has experienced a downtrend even at the beginning of the running week.
Bitcoin Price has Plunged 2.5%
The report shows that in the past 24 hours, the trading price of Bitcoin has experienced a 2.5% dip. Following the dip, the trading price of Bitcoin has fallen to a low of $16,174.
The market valuation of the largest cryptocurrency in the entire crypto-verse has also suffered a dip. The trading volume recorded for Bitcoin in the past 24 hours is $25 billion.
The data from CoinMarketCap shows that the valuation of Bitcoin has fallen by $8 billion in the past 24 hours. Prior to the dip, the valuation of Bitcoin was at a high of $318 billion.
Following the 2.5% dip, the valuation of Bitcoin has come down to $310 billion. The total circulating supply of Bitcoin in the crypto-verse is 19,218,643 BTC and it still ranks as the no. 1 crypto.
Bitcoin Rejected at $16,600
Prior to the dip, the trading price of Bitcoin was rising to a high of $16,600. The bulls had been eyeing the resistance level ($16,600), ever since November 7, when the FTX crash took place.
In the recent trading sessions, it became a possibility for the bulls to be able to push Bitcoin all the way up to the resistance level. However, the bears were not ready to give up the level and launched their selling spree.
The bears did not allow the bulls to push back and started selling Bitcoin on a large scale. This caused Bitcoin to move in the downward trendline.
The price graph for Bitcoin shows that it is forming a trend that suggests a selling trend is ahead. This means that the price of Bitcoin would continue falling deeper in the upcoming days.
Bitcoin is heading to a Lower Trend
The data shows that the trading price of Bitcoin is moving in a negative direction. If the trend continues, then Bitcoin may soon lose its support level which is currently at $16,000.
If that happens, then the selling spree may grow aggressive. This would eventually pull the trading price of BTC to a low of $15,650.
The RSI for Bitcoin is also moving in negative territory. So far, it has dropped to the midline but it may keep descending.
This would support a selling trend and if the situation does not come under control, BTC’s trading price may fall closer to $14,000.
At that point, more bulls will start leaving the trend, causing Bitcoin to fall even deeper.