BTC, price down, volume up, what to expect?

BTC, price down, volume up, what to expect?
Analysis
Ahura Chalki
Author:
Ahura Chalki
Published on: 22.06.2022 23:45 (UTC)
Post reading time: 1.21 min
127

Bitcoin kept falling again under 20,000


Today while stock markets are flat after all, Bitcoin is losing another 4%. This fall has seen after its best performance in 7 days, increasing the price all way up above $21,700; at the moment, many traders watching the 200-week MA stood at $22,420 as a bullish signal for the short term. 


The fall seen after that reports by Glasnode shows another 50K Bitcoin moved by whales to the exchange's wallets. Earlier on June 13, 58,000 BTC, and on May 9 also, 80,000 BTC were transferred to the exchanges. These data show that there is still uncertainty in the market, and even we have big holders that do not have confidence in the future of cryptocurrencies. 


On the technical front, since June 10, that price has fallen sharply from above 30,000 to under 18,000 USD; MACD histograms under the 0-line show a more considerable difference between the Signal and MACD lines on the first days of free fall, and now it is getting again close to the zero-line. At the same time, a Market volume that was increasing in the sell-off, helping the bears to move faster, with the price calming down to around 20,000 after recovery from almost two years' low, still increasing. This increases the trading volume with price stabilizing, showing that we have more buying enthusiasts at the moment than sellers. 


From the technical point of view, the uptrend is not confirmed under $22,420, but the downtrend seems like it lost the steam. 





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