By Mark Ackman
A few days back, the trading price of Bitcoin was able to make it over the $20k barrier. Once again, the bears did not let the bulls stay over the particular mark for long and applied great selling pressure.
The strong selling spree caused the trading price of Bitcoin to move downstream. This means that once again, the price of Bitcoin was to fall below the $20k barrier, which was witnessed in the recent trading sessions.
Bitcoin’s Current Price Action
As the price of Bitcoin fell below the $20k benchmark, the bears increased their selling pressure. They were able to pull BTC’s trading price below the $19k level as well, bringing it down to $18,840.
At the time of writing, with less volatility being witnessed, BTC’s price is hovering around $18,843. However, the bulls are expecting that the trading price of Bitcoin may achieve a rebound.
The bulls may attempt to cause a rebound in the trading price of BTC, pushing it to a high of $19,482 (20-day EMA).
Price May Dip to $15,000
If the bears are able to sell and pull BTC below the $18,843 level, then it would not come as a huge surprise. For now, the value of the USD has been moving in an upward direction.
This is because the Feds are aggressively increasing the interest rates. This is their attempt of dealing with the inflation rates, which comes at the cost of increasing the greenback’s value in the market.
However, this also means that the trading value of Bitcoin would also witness a plunge against the USD. If the factor goes in favor of the bears, then the trading price of BTC would eventually fall to $18,125.
As the trading price of BTC falls to $18,125, another selling spree could take place. With investors losing their confidence in HODLing BTC, the selling spree would become more aggressive.
This may cause BTC’s price to fall to $17,622, which is a strong support zone. Later, if the selling pressure keeps on adding up, BTC’s trading value may plunge to $15,800.
If the bulls fail to defend the particular level, then BTC’s price could take another fall. This time, BTC’s price may plummet to $15,000.
BTC’s Price Surge
On the other hand, many analysts are speculating that the current downtrend is a sign of extreme volatility for BTC in near future.
If such predictions turn out to be true, then BTC’s price would definitely be able to cross the 20-day EMA level.
MicroStrategy has also hinted that it plans on buying more BTC in November. If the factor adds up, then BTC’s price would cross $20,500 for good, and experience another push to $22,800.
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