Bitcoin falls from $21,800 and selling continues

Bitcoin falls from $21,800 and selling continues

The price of Bitcoin (BTC) is currently moving downward while simultaneously making an upward correction to a high of $21,800.

The long-term price forecast for bitcoin is bearish.

Buyers of bitcoin were not successful in redeeming the cryptocurrency since they were unable to sustain the price over the $22,000 resistance level. On the other side, if the purchasers were successful in pushing the price of Bitcoin above the high of $22,000, it might have risen above the moving average lines or the high of $23,400.

In addition, the price of bitcoin would resume its upward path. As Bitcoin is currently being rejected at its all-time high of $21,800, the bears are attempting to resume the selling pressure today. On the bearish side, the bears are likely to attempt to reclaim the present support located at $20,790. Nevertheless, the bearish trend will be reinstated if Bitcoin prices drop below the $20,790 support level. The price of bitcoin is expected to keep dropping until it reaches a low of $17,605 or $18,912 in the near future.

The indicator for Bitcoin (BTC) reading

According to the Relative Strength Index for period 14, Bitcoin is currently at level 36, which indicates that the cryptocurrency is in a downward trend and is getting close to oversold territory while continuing to fall. As long as the price bars are placed below the lines that represent the moving average, the value of the cryptocurrency will continue to fall.

Despite this, the price of Bitcoin is trading at a level that is lower than the 40% area of the daily stochastic. The momentum on the market is currently unfavorable. Both the simple moving average of the 21-day line and the simple moving average of the 50-day line are sloping south, which indicates a downward trend.

Indicators of a Technical Nature

Key resistance zones: $30,000, $35,000, $40,000

Important financial bolstering zones: $25,000, $20,000, and $15,000

Where will the Bitcoin/United States Dollar pair go from here?

The selling pressure on BTC/USD has returned, and the pair is meeting resistance at $21,800. If the bears are successful in breaking below the support level of $20,790, the downturn will continue. A cross that was drawn on the weekly chart on March 28 was able to test the 78.6% Fibonacci retracement level. The retracement indicates that the price of bitcoin will most likely fall to the Fibonacci retracement level of 1.272, which is equal to $11,822.39.