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Bitcoin Loses Strength After Hitting $24k

Despite some coins and tokens currently underperforming, the cryptocurrency market has continued its strong start to the weeK.

A green zone has once again been established in the cryptocurrency market. There was little change in the market value over the last few days, and the total market capitalization remained above $1.1 trillion.

There has been a mixed performance among the broader market, with a number of coins and tokens currently trading in the red zone while others are performing well. However, Bitcoin is not performing well.

Should We Expect Green Candles?

Although bitcoin has been up by some percentages at the beginning of the week, The leading cryptocurrency wasn’t able to surge past the $24k resistance level even though it was trading in the green zone. 

During the last seven days, Bitcoin has gained nearly 5% in value compared to where it was seven days ago. Consequently, the leading cryptocurrency was able to maintain its position above the psychologically important $20k level at the moment.

For Bitcoin to be able to move towards the $25k psychological level in the coming days, the bulls will need to push the price higher.

Bitcoin could continue to move down if it is unable to clear the $23,500 resistance zone in the near future. It is likely that the level of $22,650 will serve as immediate support on the downside.

Bitcoin Loses Strength After Hitting $24k

A major support level can be expected to be found near the $22,500 level at some point in the near future, which is a major support level. If the market closes below the $22,500 level, the price might rise to $22,000 if the market closes below that level.

During the next few sessions, there is a risk that prices may move towards the $21,500 level if the bears remain in action. There is a possibility that the price may move towards the $20,500 level if any more losses occur.

Currently, Bitcoin is trading for about $23K. In terms of chart indicators, it is difficult to tell whether the coin is heading upwards or downwards.

A lot of people are waiting for the crypto market to consolidate over psychological levels, but in reality, the market is always subject to volatility due to its inherent nature. A lot of people do not know for sure where Bitcoin and other cryptocurrencies are going to be in the near future.

Although there are many people who are waiting for the last Bitcoin bottom before buying, the best strategy when the market isn’t stable enough is to buy and HODL the coin while the market isn’t stable enough. By doing this, traders will be able to have a reasonably good average buy record over time.

Mehdi Zare
I am a young father who always loves to learn. Security and privacy topics are my main interests, and so, blockchain as one of the most strong security and privacy solutions of the modern industry excites me too.
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