The $20,000 threshold is significant from a psychological perspective. In this situation, it is unclear if the price of BTC would reach a new low in current cycle marked by a bear market.
The $20,000 threshold is significant from a psychological perspective. In this situation, it is unclear if the price of BTC would reach a new low in current cycle marked by a bear market.
There is a risk of a further price decline, according to a detailed examination of the recent Bitcoin price pattern. Crypto Quant data indicates that Bitcoin is currently forming a falling triangle pattern. Typically, a price collapse and loss of the previous support level occur after this pattern. The price of BTC also has a relationship with the American stock market. There is a good chance that BTC would follow suit if stock prices continued to fall.
According to on-chain data, Bitcoin has not yet reached its delta price range in the current market cycle. According to the price trend right now, BTC will most likely see a delta price range of $17,000. The $17,000 may serve as the top level of support for the leading cryptocurrency as well. This is roughly 15% less expensive than the current range of Bitcoin prices. BTC's price is currently $19,435, down 3.2% over the previous 24 hours, according to market monitoring site CoinGabbar. From a monthly high of $22,520, BTC dropped significantly last month.
The desired delta price is within Bitcoin's grasp. The price of BTC recently hit a three-month low of $18,390. On the other hand, the leading cryptocurrency reached a high of $24,900 in the middle of August.
