BTC Price Makes an Upward Correction as It Tumbles Above $20.8K

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Bitcoin May Resume Consolidation as It Tumbles Above $20.8K – June 14, 2022

BTC/USD plunges to an oversold region of the market as it tumbles above $20.8K.Bitcoin has fallen to the $20,000 psychological price level. This implies that the largest cryptocurrency will resume consolidation above the current support in the next few days.

Bitcoin Price Statistics Data:
•Bitcoin price now – $22,260.61
•Bitcoin market cap – $421,057,694,366
•Bitcoin circulating supply – 19,066,906.00 BTC
•Bitcoin total supply – $461,515,736,624
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $40,000, $35,000, $30,000

On June 11, the bears succeeded in breaking the $28,128 support. The recent breakdown brings to an end the three weeks old range-bound move between $28,630 and $32,000 price levels. Nonetheless, for the past 48 hours, BTC’s price has fallen above the $20,000 psychological price level. There is a likelihood of price consolidation if the current support holds. Besides, Bitcoin has fallen below the 20% range of the daily Stochastic. The market has reached the oversold region of the market. The selling pressure is likely to subside. BTC price will be range-bound between $20,800 and $24,000 price levels. Bitcoin will recover if the bulls break above the $24,000 resistance zone.

Crypto Traders and Investors Lament on Twitter about Ongoing Market Downturn

On Monday, June 13, assets across the blockchain industry went into a collective dive, as users took to Twitter to voice their dismay with the current state of crypto. According to the saying, what goes up must come down as crypto traders and investors started the week with a major shock to the markets. According to the report, inflation, potential interest rate hikes, and a looming recession have all contributed to the current onslaught seen in markets. Bitcoin’s (BTC) price has plunged to levels not seen since late 2020. Because of recent development, several crypto exchanges have restrained users from withdrawing their tokens. Also, an increasing number of Web3-centric companies announced layoffs, and the floor prices of various nonfungible token (NFT) projects tumbled.

BTC/USD – Daily Chart

Meanwhile, Bitcoin is fluctuating above the current support as it tumbles above $20.8K. The bearish momentum has subsided as the crypto makes an upward correction. The RSI period 14 has risen to level 34 as Bitcoin makes an upward correction.

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