Famend crypto dealer and analyst Michael van de Poppe tweeted, “the markets are nonetheless having an everyday correction inside an uptrend.” In the tweet, van de Poppe added that as long as the price of BTC remains above $22K, it is reasonable to expect the market leader’s price to target $25K once more in the coming weeks.
According to CoinMarketCap, the value of BTC has dropped 2.10% in the last 24 hours. As a result, the cryptocurrency is currently worth $23,886.03 at press time. Despite the 24-hour drop, the market leader’s weekly efficiency remains inexperienced at +0.56%.
Looking at the 4-hour chart for Bitcoin/USDT, it is possible to see that the value of BTC has fallen beneath the 9 and 20 EMA strains on the chart. As a result, BTC’s value has entered a short-term bearish cycle.
The nine EMA line on the 4-hour chart is bearishly positioned beneath the 20 EMA line. In addition, the RSI line on the 4-hour chart is below the RSI SMA line on the 4-hour chart. These technical indicators suggest that the value of BTC may continue to fall over the next 24 hours.
The downside target for this bearish thesis is the support level at approx 23,581.38 dollars, which is also the bottom for the bearish descending chart sample established on BTC’s 4-hour chart. If BTC’s value falls below this level in 24 hours, the next drawback target will be $23,300.