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Bitcoin dropped to the $17,500 lows over the weekend continuing its bearish move, which began from the $32,375 highs recently. The crypto is seen to be trading close to $20,500 at this point in writing and is expected to resume its rally back towards the $32,400 level at least. Bulls are looking poised to hold prices above $17,500 to keep the near-term structure intact.
Bitcoin has dropped from $32,375 through $17,500 levels since May 30, 2022, having lost almost 50% in value, one of the steepest drops since the $69,000 all-time highs. The crypto has carved a meaningful larger degree downswing between $69,000 and $17,500 respectively. Ideally, a corrective wave should begin to unfold soon.
Bitcoin prices are facing strong initial resistance at around $32,375 as stated earlier. A break above that mark will be required to confirm that bulls are back in control and the corrective wave is well underway. Near-term targets for bulls are seen towards $21,500 and $22,500 levels before the price pulls back.
Aggressive: Potential counter-trend rally towards $33,000 and $35,000 against $15,000
Good luck!
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
