Bitcoin (BTC) At Risk Of Dropping Below $20K If Plunge Below This Level

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Bitcoin price has regained the $22,000 level and is successfully maintaining the price range for a while now. At the time of reporting, Bitcoin is changing hands at $22,355 after a push of 2.09% on the last day.

However, the technical indicators are indicating that the flagship currency is running in an important area near its 200-day moving average (MA). Meanwhile a renowned crypto analyst and trader, Ali Martinez claims that during BTC’s previous trade at 200MA which was seen on a 12hr chart, there was a massive correction. 

Bitcoin Price On A Crucial Point

The analyst makes use of TD Sequential which helps us know the turning point in any asset’s price action. As per Martinez TD, Sequential is indicating a sell signal along with future retracement and he also says that for Bitcoin to move ahead of its bearish cycle, the currency should trade past $22,950 on a 12hr candlestick.

On the other hand, Bitcoin’s on-chain data, the realized profit/loss is suggesting that there is profit taking during every price surge. Currently, the indicator is below 1.0 and is pointing towards a strong bear cycle for Bitcoin.

During last week’s trade, the King currency was below $20,000 but managed to regain the lost level and is now holding on to the level quite well. While talking about Bitcoin’s active addresses, analyst Martines claims that Bitcoin bottom has occurred.

It’s also important to note that the total number of Bitcoin addresses that hold one or more Bitcoins has reached nearly 100,000 and this indicates that market participants are accumulating.