4-Hour Analysis:
Big Picture: The Marco-economic announcement triggered a significant sell-off. A correction phase was anticipated, however missing CPI statistics intensified the corrective phase, resulting in a significant sell-off. Bitcoin has returned to its major level support of 2018 and lower levels. As long as the market can hold onto these lower support levels, bullish rebounds are expected to persist. The Bulls, on the other hand, were unable to capitalize on the opportunity and will require significant strength to regain the lost momentum.
On the Upside 22,800 proved to be a major challenge. Moving forward, 20,400 has resurfaced as the day’s initial resistance, followed by 20,900. Surpassing these will open the path for a return to 21,800, followed by 22,800. Consolidation here would ideally favor price in absorbing the remaining selling pressure.
The Downside The 19,800 level once again saves the price and brings it to a halt. This level remains a critical S/R level for Bitcoin, and maintaining it strong against any further sell-off would result in another pullback. However, losing this would expose lower support levels around 18,900-18750 once again.
