- BTC’s price has broken below the key $23k level in the last 24 hours.
- The 4-hour chart for BTC suggests that BTC’s price will continue to drop.
- Traders will want to focus on the current support level at $22,815.
The price of the crypto market leader Bitcoin (BTC) dropped 2.06% over the last 24 hours. According to CoinMarketCap, this 24-hour drop has resulted in BTC’s price trading below the $23,000 level at press time. Currently, BTC is changing hands at $22,859.83.
4-hour chart for BTC/USDT (Source: TradingView)
The 4-hour chart for BTC is bearish after BTC’s price breached the support level at $23,250. This decline over the last 24 hours has also seen BTC’s price drop below the 9 and 20 EMA lines on the 4-hour chart – causing the 9 EMA to bearishly cross below the 20 EMA line in the process.
BTC’s price is now in limbo with the support level at $22,815 and has dropped below the level in the last 4 hours.
The RSI indicator on the 4-hour chart also suggests extreme bearishness. At press time, the RSI line is in oversold territory at 32.98. In addition to this, the RSI line remains sloped to the negative territory which suggests that BTC’…
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