Bitcoin Price Waver in a Make-or-Break Situation. Is it Safe To Buy More Bitcoin?

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Brian Bollinger Despite the growing bearishness in crypto markets, Bitcoin price is currently experiencing minor correction. This retracement phase is mainly a temporary pullback to recoup the previous recovery rally. The coin price is currently hovering above the $21500 support, trying to showcase its suitability at a higher price.advertisementKey Points: The Bitcoin price breakdown from $21500 intensifies the selling momentum for further downfall.
This level’s support strength is enhanced by the 200-day EMA slope that moves near the $21500 mark
Bitcoin’s intraday trading volume is $15.1 billion, which indicates a 13% loss.
Source-TradingviewJanuary 2023 brought a massive recovery in the majority of major cryptocurrencies. The Bitcoin price rose 44.3% over the past year and reached a $23800 local high. As if to show that bullish momentum is over, the Bitcoin price began moving sideways below the $23800 mark. The coin currently trades at $21800, 8.2% lower than its swing high. Trending Stories The Bitcoin price likely approach to $22500 will confirm whether the ongoing correction can be sustained. Therefore, Bitcoin may witness a longer correction and plunge to the $20350-$20150 mark.On a contrary note, a breakout above $2250 will indicate the buyer has not thrown the towel yet.Technical indicatorRSI: The decline in the daily-RSI slope below the midline suggests a negative sentiment rising for Bitcoin price.advertisementEMAs: the recently breached 20-day EMA could offer additional resistance against buyers trying to resume price recovery.Bitcoin Price Intraday LevelsSpot rate: 21890
Trend: Bullish
Medium Volatility
Resistance levels: $22500 and $253800
Support levels: $21500 and 20500
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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. Close Story