By Mark Ackman
Once again, the bearish investors were not led down by the bearish performance of Bitcoin (BTC). The trading price of Bitcoin has not been performing very well since the beginning of 2022.
Just when Bitcoin was able to experience a strong rally and its price was getting pushed higher, the FTX crash ended up taking place.
Since the crash, the trading price of Bitcoin has continued declining and it has mainly remained in bearish territory.
Weekend Performance of Bitcoin
Just as the weekend began, the trading price of Bitcoin started to experience a decline. It is almost the same trend Bitcoin has continued facing almost every weekend in the past few months.
It was quite disappointing for the investors to see the trading price of Bitcoin moving back to its recent price floor.
Decline from $16,795.20 to $16,564.61
Right before the weekend started, the trading price of Bitcoin started to experience a decline. At that time, the trading price of Bitcoin was hovering at a high of $16,795.20.
However, the situation was about to get bearish and the trading price of Bitcoin started moving in the negative direction. In the middle of the day on weekend, the trading price of Bitcoin ended up taking a fall.
As the price of Bitcoin continued declining, the investors started to lose their confidence in running a bullish trend. They started to withdraw from their investments and soon, its value plunged to $16,564.61.
Bitcoin is Still Moving toward a Decline
Although the weekend has ended, the trading price of Bitcoin is still declining. A look at the data suggests that the trading price of Bitcoin is moving toward its support level, which is at $16,000.
It is a strong support level for Bitcoin and the bulls will try their best to fight the bears to defend the level. If the bulls lose their buying power, then the price of Bitcoin may continue moving downwards.
What Does the RSI Say?
The condition of Bitcoin is not looking good in the near future. The month of December is also looking forward to a bearish start.
The trading price of Bitcoin may continue to plummet because the RSI seems to be supporting a bearish trend. The 14-day RSI for Bitcoin is not moving in bullish territory but it is moving toward the bearish zone.
If the bulls are not able to bring the situation under control with strong buying power, then BTC’s price would decline. This would cause the trading price of Bitcoin to fall below the $15,000 level.
As the bears keep growing more confident with the selling spree, then the price of Bitcoin may dip to $14,000.