For a while, Bitcoin (BTC) has not been able to experience a bullish run. The trading price of Bitcoin has continued experiencing a downtrend and even the relief rally was not good enough to push its price.
Despite the efforts, the bulls have not been able to make much of a difference. They are constantly being pushed down by the bears who seem to be in a very strong position at the moment.
Bulls Failed to Sustain Bearish Pressure
After a strong selling spree, the bears finally slowed down. Many investors were under the impression that it was a relief for the bulls so they could push with their strong buying rallies.
The bulls did try their best to push the trading price of Bitcoin over the $16,972 (20-day EMA) mark. However, the situation was completely opposite to the expectation.
The bulls failed to push BTC’s price over the particular level as the bears soon regained their strength and launched their selling spree.
Since then, the bears have continued selling BTC on a larger scale. As a result, the trading price of BTC has continued to experience a great plunge.
The trading price of BTC has kept falling in the downward direction and seems to be falling closer to its crucial support.
The crucial support for BTC at the moment is $15,476. The bulls may try their best to push the price of BTC farther from this mark. They may try to push BTC’s trading price to a higher level.
BTC Price May Dip to $13,330
Given the amount of pressure the bears have managed to build on the bulls, they may not be able to defend the $15,476 level.
If the bears continue with their strong selling momentum, the price of Bitcoin may continue experiencing a downtrend. This would end up pulling BTC’s price even lower and it will keep falling below the support levels.
If the selling spree continues for a longer period, then the trading price of BTC may lose the $14,500 level. If the situation becomes even more bearish, then the trading price of BTC may fall to $13,330.
The moving averages for Bitcoin are also moving downstream, which is a clear signal that the price of Bitcoin will continue plunging.
Most Alarming Predictions
While the price of Bitcoin is moving at the bottom, analysts are coming up with even more predictions. According to many senior analysts, there is a possibility that the Bitcoin prices may dive lower.
If the contagion from the FTX exchange’s collapse does not come to an end, then Bitcoin price may plunge to a low of $10,000.