Analysts have now issued BTC price capitulation warnings as Bitcoin fell below $35,000 to match July’s price decline last year.
Reports aggregated from experts and analysts in the industry have indicated Bitcoin’s reluctance to correct its downward spiral for a reversal move as bulls face increased pressure.
Bitcoin has refused to slow down its price decline and continues to feature a high magnitude price loss, according to January 22 price projections by market analysts, Bitcoin’s price decline will continue to run down to breach the $33,000 price and a possibly lower price decline might follow. These projections are being vetoed rapidly by the number one crypto as its highlight price dump continues to field increasing momentum.
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Open Interests Continue To Influence Market
Data and stats from analytics firm TradingView have tracked the BTC/USD currency pair as it breached vital psychological support at $35,000 on Saturday morning.
Bitcoin’s radical decline was predicted to run through the weekend after previous jet support was breached at $40,000 by price action on Friday. The pressure on bulls continues to mount as bears continue to hold the initiative.
The gigantic space that is the crypto global community has featured diverse reactions from its members, despite the market-wide sell-off. Many investors are now moving their capitals from the crypto market to opt for less volatile markets, however, some like El Salvador have taken advantage of bitcoin’s current price levels to benefit from future reversal and others are neutral to the price action of the most valuable crypto, namely, long term institutional investors and crypto whales.
Interestingly, however, bullish sentiments aren’t non-existent as analysts have revealed that investors and traders who are trading the crypto on crypto derivative platforms are still fighting the downtrend actively as they are confident of a definite price reversal to run up to breach $200k by December 2022.
Famous pro-crypto Twitter account Byzantine commented on the crypto market’s status quo, the account tweeted quotes, interesting times, citing the resilience of market bulls despite the bearish initiatives and price carnage. The tweet revealed that bulls are still holding ground, albeit barely as Futs continue to steady and OI holds its position.
RSI Dips To Mirror COVID Lows
Bitcoin’s relative strength index (RSI) on the daily timeframe has fallen to an all-time Los that was only previously seen in March 2020.
In March 2020 during the heat of the COVID-19 pandemic, Bitcoin’s price value dumped to $3,6000 before a subsequent correction that saw Its price action feature a major reversal that lasted till early 2021.
The Daily RSI indicator fell to 20 on Saturday, an alarming development for the cryptocurrency going forward. According to stats from TradingView, the RSI is now below the antagonist oversold zone, a condition that highlights the advent of the market bears autonomy.
The total market capitalization of the crypto market has also reflected the poor state of bulls in the market as it fell to the next support level tracking the hall of Bitcoin’s Daily RSI.
The crypto market continues to track the global crash of the equities market that is highlighted in the record high underperformance of the tech sector.
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