Today’s Stock Market: Bitcoin could resume consolidation, as it sags above $20.8K

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Yusuf Balogun
Yusuf Balogun
Yusuf is an aspiring Journalist and Health law expert with a special focus on technology innovations. He is a guest writer at Qwenu and Deputy Editor-in-chief of Gamji Press.

In recent times, the fluctuating effect of the cryptocurrency market has led several investors to huge losses with some pulling out of the business. Today, as it falls above $20.8K, BTC/USD reaches an oversold sector of the market.

Bitcoin’s price has dropped near the psychologically important $20,000 mark. This means that in the coming days, the largest cryptocurrency will resume consolidation above the existing support.

In the last few days, the bears were able to break through the $28,128 support level. The three-week range-bound move between $28,630 and $32,000 price levels has come to an end with the latest breakdown.

Anyway, BTC’s price has slipped above the $20,000 psychological price threshold in the last 48 hours. If the current support holds, there is a chance of price consolidation. Furthermore, Bitcoin has dropped below the daily Stochastic’s 20% level.

The market has reached the point where it is oversold. It’s conceivable that the selling pressure will ease. The price of Bitcoin will be range-bound between $20,800 to $24,000. If the bulls break above the $24,000 resistance zone, Bitcoin will rebound.

Assets throughout the blockchain industry took a collective fall yesterday, as users took to Twitter to express their dissatisfaction with the current state of crypto. As the saying goes, what goes up must come down, and crypto traders and investors were given a significant shock to the markets to begin the week.

Inflation, possible interest rate hikes, and a coming recession, according to the analysis, have all contributed to the current market rout. The price of Bitcoin (BTC) has plummeted to depths not seen since late 2020.

Several crypto exchanges have prohibited consumers from withdrawing their tokens due to recent developments. In addition, a growing number of Web3-centric businesses have declared layoffs, and the floor prices of many non-fungible token (NFT) projects have plummeted.

Bitcoin, on the other hand, is fluctuating over the present support as it drops above $20.8K. As the cryptocurrency conducts an upward reversal, the bearish momentum has abated. As Bitcoin begins an upward reversal, the RSI period 14 has risen to level 34. Follow TechGenyz for more latest updates.

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