Bitcoin Price Shows a Little Weakness as it Flutters Around $22K, Are Bears Back in Play?

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Bitcoin price ever since the beginning of July has displayed immense strength that uplifted the price beyond $22,000 for the second consecutive time in the past fortnight. While the asset was expected to hit $23,000 to secure the mandatory resistance, the bears intensify their activity to keep the price restricted below $22,100. On the other hand, the bulls appear to be pretty exhausted to some extent and hence a notable drop may be fast approaching!

Will Bitcoin(BTC) Price Plunge Back Below $20,000?

The star crypto for nearly a month is trading within a parallel channel, maintaining the lower support trend line. After forming a triple bottom at these support levels, the BTC price has made yet another attempt to rise beyond $23,000. However, the bears quickly jumped in at $22,800 and dragged the price below $22,000. 

Therefore, the BTC price currently appears to undergo yet another minor correction before pulling the next leg up!

Considering the BTC price movements in the short term, the asset appears to be due for a minor correction. The price following a correction may hold tight above $21,000 or just drop below these levels to test $20,800 and quickly rebound, gaining the levels above $22,000. However, the 200-day MA levels which are considered one of the strong support levels may hold the BTC price at $20,500. 

Therefore, the prices are expected to drop close to $21,200 and quickly ignite a strong rebound. In case the bears gather immense strength, the prices could slide down to $20,500 to find the base to flip.

On the other hand, the whales appear to have been extremely active in the past couple of days as the BTC’s large transactions have spiked heavily. According to an on-chain analysis platform, Santiment, the whale transactions smashes the highs as the price topped $22,600. The Bitcoin transaction value surged to $1 million as whales are speculated to be busy moving their holding.

Collectively, Bitcoin(BTC) prices despite being uplifted by the whales and the bulls, fear an interim pullback to inculcate a catapult action to surge beyond $23,000.