Bitcoin price analysis suggests no indications of recovery in the last 24 hours, with the price dropping further to continue the downturn that began on October 30. BTC fell to $20,086 before gaining speed and reaching $20,200 currenctly.
However, the Bitcoin market has weakened due to the US Central Bank’s decision to hike interest rates until inflation shows indications of improvement. Because of the weakening USD, BTC has retreated from its previous week’s high of $20,802 to find support slightly around $20,000.
BTC bulls must break over the October barrier of $21,078 to shift market sentiment.The bigger cryptocurrency market stabilized mostly around yesterday’s levels, with Ethereum climbing 2% to $1,500.
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Surge in prices of Altcoins
Meanwhile, the top Altcoins saw similar small gains. BNB increased by 4% to $333.82, while Ripple stayed within $0.46 of the $0.46 level. Dogecoin increased by 2% to $0.13, while Cardano increased by 3% to $0.39. Solana and Polkadot increased 3 percent to $31.38 and $6.51, respectively.
Price Analysis
BTC falls close below critical moving averages on the daily chart. Since October 30, the price has been producing a descending triangle pattern on the 24-hour price chart for Bitcoin price analysis, which has interrupted the rising trend above the $21,000 line for BTC to settle around the $20,000 mark.
While the bottom support remains at $18,000, BTC has already gone below critical moving averages like the 9 and 21-day moving averages, as well as the 50-day exponential moving average (EMA) around $20,306.
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