Full Article: Bitcoin Price Analysis
The inability of bulls to print higher and break above the $22k resistance line tilted price action in the line of bears. So far, BTC prices are dropping as bears step up, reading from expanding trading volumes from mid this week.
Buyers didn’t break above the 78.6 percent Fibonacci retracement level of the June 2022 high low points to strong bear momentum. If buyers stood a chance, a decent reaction rate was at the 61.8 percent retracement level at around $23k.
Considering the intense liquidation pressure, aggressive traders may unload on every attempt higher in lower time frames targeting 2022 lows at around $17.6k. Further losses could see BTC crumble to retest $17k, the 78.6 percent Fibonacci retracement level of the 2019 to 2022 trade range.
