Coin Edition -
- According to recent research, the Bitcoin (BTC) market is on a downward trend.
- BTC price ranges between $22,458.26 and $23,229.80 on the last day.
- Bearish momentum is gaining, based on indicators.
The day started with Bitcoin (BTC) gaining bullish traction, but it soon ran across resistance around $23,229.80. Prices have been retracing in the previous 24 hours after hitting this resistance before finding support at the intra-day low of $22,458.26. At the time of publication, the bears had succeeded in pushing the BTC price down to $22,716.20, a plunge of 2.14%.
During the downturn, market capitalization dropped 2.05% to $438,540,372,519, while 24-hour trading volume increased 10.18 % to $29,443,008,626. This high trading volume indicates that the market is very liquid and volatile, suggesting that additional negative corrections may be possible in the following hours.
BTC/USD 24-hour price chart (source: CoinMarketCap)
On the 4-hour price chart, the Keltner Channel bands are trending south, with the upper band at $23498.83 and the lower band at $22420.91, reflecting a robust negative mood in the market. This negative momentum indicates substantial bearis…
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