Bitcoin (BTC) reached its high of $68,789.63 in mid-November, after which the price has constantly declined and reached $22,613. On June 13, the BTC price had reduced significantly. The cryptocurrencies like Bitcoin and Ethereum have crashed, and crypto investors faced tremendous losses this year.
Bitcoin, the largest crypto-token, is moving below the level of $25,000 as the global cryptocurrency market continues to spiral down and the bearish sentiments of the traders continue. The BTC token is moving at its 52-week low as the bears continue to push the price downward. BTC entered the oversold zone as there was immense selling pressure on June 13, and the bears were constantly breaking the previous lows.
In the past week, the bearish candles formed show the worst downfall of the crypto as the price has entered its lowest zone in the past 1.5 years. BTC investors are facing massive losses as a well-known crypto BTC has entered the bearish zone with a huge drop in the price. It’s a crucial time for BTC; traders must not act without reading our Bitcoin prediction.
The RSI indicator is at 24, showing that the price is in its oversold zone, and the bulls need to push the price with immense pressure for a rise. The MACD Line is trading below the Signal Line, and the histogram chart showing red candles also denotes a bearish momentum.
In the previous week, there was a reduction of 24% in the price, and the price closed below the support line of $29345 on the weekly chart, which was a direction for the further damage of the token. The Bitcoin price is moving below the downtrend line in the bearish momentum, and the bulls need to show immense buying pressure for a reversal.