1-Day Analysis:
Big Picture: Bitcoin’s price plunged as it loses its year-long low support level. Another hyper selling event occurred when support for 28,750 was lost. Bears have been on a winning streak for the past few months. Price, on the other hand, is presently filling in the gaps and liquidity that have been left behind, and is approaching important support levels. High volatility is expected to continue until the FOMC meeting. Furthermore, at these levels, there is frequently a shift of hands as smart money begins to buy aggressively off the market panic.
The Upside Multiple fresh resistances are being developed. However, 25,500 will be the first line of resistance, followed by 26,750. The prior range lows are next, which are likely to be a challenging level for price to surpass without a strong base. Bitcoin needs a period of consolidation to absorb the selling pressure. .
On the Downside, The price is approaching the 24,000-22,000 level, which is the initial demand zone. For the time being, the level is acting as a firm support. Furthermore, sellers should aggressively profit-take on these lows, as oversold conditions could trigger significant volatility. However in extreme case the next demand level is seen at 20,000-17,850.
