The bullish “golden crossed” pattern that the Bitcoin price completed on Tuesday caused prices to rise higher. The BTC price fell below $23K on Tuesday, however.
BTC dropped nearly 4% in one day to reach a low of $22,458 on today. The rising FUD in crypto markets, macroeconomic factors and higher profit-taking are all reasons why Bitcoin is under pressure.

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In a tweet, Michael van de Poppe, a popular crypto analyst, stated that Bitcoin price had reached the $22.5K support level again. In the face of market uncertainty, liquidity moved out of market. Investors book higher profits and liquidity fell.
Bitcoin Price in 6 Hours. Source: Michael van de PoppeWhile Van de Poppe believes that the correction is technically over an upside move above $22,800 would confirm his prediction. Since mid-January, Bitcoin has been moving around the $23K mark. There is still a possibility that Bitcoin will fall to $21,700. Traders believe that a fall to $20K will not be in focus despite current market conditions.
The “golden cross” pattern in Bitcoin’s price trend was also completed on February 7, when the 50-MA (red), crossed over the 200-MA(blue) daily timeframe. The “golden cross” pattern is bullish and can extend Bitcoin’s 40% rally in January. However, current market conditions limit an upside move.
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Bitcoin Price at 1Hr. Source: TradingViewThe BTC price rose by 154% after the formation of the Golden Cross in the last bear market. If this happens again, Bitcoin could trade at more than $57,000 in 2019.

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The RSI falling below 69 also suggests a weak Bitcoin market in the coming days. BTC price is still in correction and could fall further. BTC price is currently trading at $22,700 as of press time, down more than 2% over the last 24 hours.
Also read: “Operation Choke Point 2.0: Is the US planning a crackdown on the Crypto Market?”

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