Bitcoin (BTC) has dropped for six consecutive days in a row. It’s currently declined by 54% as of this writing. The king of cryptocurrency plunged by 4.3% and traded under $22,000 on Monday. It has increased by 14% last week yet ended with a retracement.
On Sunday, BTC prices have improved a bit by 14%. The slight spike in price marks the traders’ massive sell-off happening at the $23,000 range or BTC being sent to exchanges.
BTC volume or flow towards exchanges has increased in the past 24 hours. There was a marked increase in terms of net deposits implying the large volume of BTC being moved to exchanges that can help them exit their current BTC position. Buying window is seen from July 14.
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BTC is said to be in the process of bottoming out following its gains of 25% and then cascading down to $17,500 on June 18.
Bitcoin’s minimal loss suggests that BTC Bulls are cooking up their next move. BTC is seen to be oversold due to its weak RSI in June 13. This seems like a familiar trend when BTC’s RSI also dropped to 20 in March 9 and consequently rallied to $69,000 in November 2021.
Featured image from Coinpedia, chart from TradingView.com