Bitcoin might face some serious problems if bulls are unable to push the price above $22,000
Bitcoin price might be set for another plunge to $19,000 if the price range it remained at previously does not hold up, according to some reports.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin Has 14 Hours to Return to the $22,000 Price Range, or Market Will Face Problems
Unfortunately, digital gold is struggling to keep up with the selling pressure bears are providing. Will Clemente shared the chart he previously mentioned in his June 24 post. The analyst highlighted the price range that acts as a turning point for BTC. If the cryptocurrency drops below the range for whatever reason, we will likely see a drop back to the $19,000 zone.
Unfortunately, Bitcoin lost a large portion of the gains we saw on June 18, when the price of the first cryptocurrency suddenly spiked from $20,700 to $23,800 in two days. Why is the plunge to $19,000 problematic? The main reason so many traders and analysts hope that Bitcoin does not drop below the $22,000 threshold once again is the abundance of inflows to the market, making the future price bounce a real problem for the market.
— Will Clemente (@WClementeIII) July 25, 2022
Numerous factors hint that the current rally to $23,000 was a bear trap. Bitcoin easily broke through the trendline resistance and almost immediately returned to it, leaving bulls who opened positions above local resistance levels in heavy loss. Institutional inflows into the cryptocurrency market are still at a relatively low level, which is another factor that speaks against Bitcoin’s success in the market for the foreseeable future, especially if the first cryptocurrency’s value reaches mid-July levels.
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