Looking at the indices it is apparent that there is every possibility of a fall in Bitcoin Values. BTC prices were hovering around $23,000 range. Bitcoin prices have been hit by high volatility in the last couple of days especially after opening the week well above the $24,000 mark. When reports last came in the Number One Crypto Coin was changing hands at the range of $23,000. Looking at the recent trading activity it is predicted that BTC is going to experience another bout of falling prices.
Bitcoin Values Drop Impending In Near Future
The possibility of a price fall of BTC is being predicted because of the selling trends among short term investors. The same forecast has been predicted by the experts after dissecting the technical indicators. BTC has just created a rising wedge pattern, the outlook is however negative for the asset. As per CryptoQuant analysis a negative divergence is seen in RSI and MACD oscillators below the resistance line.
The second benchmark the Spent Output Profit Ratio (SOPR) is also hinting about an imminent price drop. SOPR benchmark for small term investors is showing Level 1. The SOPR is the ratio between realized value in USD and the value at creation of a spent output. A falling trend is indicative of a selling environment among investors to protect from potential losses.
Forthcoming Support Level
BTC Prices have scarcely deviated the $23,200 level on Saturday and when reports last came in is constant at $23,199.95, up 0.79% in the last 24 hours, according to CoinMarketCap. On a weekly basis the number one coin has tanked by 5.33%. If BTC is unable to remain constant it could tank to the next support level of $22,600. If BTC manages to reach the support price, the next support could be at around $22,200.