{"id":496699,"date":"2022-07-26T13:01:16","date_gmt":"2022-07-26T13:01:16","guid":{"rendered":"https:\/\/wncen.com\/?p=496699"},"modified":"2022-07-26T13:01:16","modified_gmt":"2022-07-26T13:01:16","slug":"bitcoin-retreats-over-last-6-sessions","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-retreats-over-last-6-sessions\/","title":{"rendered":"Bitcoin Retreats Over Last 6 Sessions As BTC Bulls Chart Their Next Move"},"content":{"rendered":"
Bitcoin (BTC) has dropped for six consecutive days in a row. It\u2019s currently declined by 54% as of this writing. The king of cryptocurrency plunged by 4.3% and traded under $22,000 on Monday. It has increased by 14% last week yet ended with a retracement.<\/span><\/p>\n On Sunday, BTC prices have improved a bit by 14%. The slight spike in price marks the traders\u2019 massive sell-off happening at the $23,000 range or BTC being sent to exchanges.<\/span><\/p>\n BTC volume or flow towards exchanges has increased in the past 24 hours. There was a marked increase in terms of net deposits implying the large volume of BTC being moved to exchanges that can help them exit their current BTC position.\u00a0 Buying window is seen from July 14.\u00a0\u00a0<\/span><\/p>\n Suggested Reading |\u00a0Cardano (ADA) Spikes 8%, Overtakes XRP In Last 24 Hours<\/a><\/em><\/strong><\/p>\n More so, it is expected that BTC prices will continue to be consistent showing some support at the $20,500 range and resistance seen at around $23K.<\/span><\/p>\n We should be paying close attention to GDP growth statistics on Thursday as analysts estimated a growth of roughly 0.5%. Meanwhile, a GDP that hovers below 0.5% will give away a bearish movement for both the digital and traditional markets. A negative sentiment is predictive of the possibility that the economy will move into recession.<\/span><\/p>\n If in case the price range doesn\u2019t hold up at $22,000, Bitcoin may fall in a heap at $19,000. It\u2019s apparent that BTC is attempting to keep with the tremendous selling pressure initiated by the bears. Bitcoin has had massive gains since June 18 wherein the digital gold jumped from $20,700 to as much as $23,800 in just two days.<\/span><\/p>\n <\/p>\n Now, it\u2019s dangerously leaning towards $19,000. But, can Bitcoin really bounce swiftly to this uncomfortable figure? With the large inflows present in the market, this dangerous bounce to $19,000 is a possibility and can pose a huge problem in the market.<\/span><\/p>\n There are different factors supporting the possibility that the recent towards $23,000 was in fact a bear pit as BTC was able to breech the resistance and then was able to revert back, leaving the bulls suffering incremental losses.<\/span><\/p>\n Suggested Reading |\u00a0TRON Bulls Are Back To Pump Some Energy Into TRX Coin<\/a><\/em><\/strong><\/p>\n BTC is said to be in the process of bottoming out following its gains of 25% and then cascading down to $17,500 on June 18.<\/span><\/p>\nBTC Prices Show Resistance At $23,000<\/b><\/h2>\n
BTC total market cap at $401 billion on the daily chart | Source: TradingView.com<\/a><\/pre>\n
Will Bitcoin Price Bottom Out?<\/b><\/h2>\n