BTC Technical Analysis: Will The Bloodbath End Before BTC Reaches $20K?

With the sellers overtaking the market trend, BTC prices crack under $30K and struggle to find support at the 200-week EMA. Will Bitcoin prices reach $25K? Key technical points: The BTC market value drops to $27K. The MACD indicator shows a bearish crossover. The 24-hour trading volume of Bitcoin is $80.5 Billion, indicating a 30% hike. Past Performance of BTC After failing to sustain above $45K, BTC prices start a free fall with an evening star pattern resulting in a fall under $30K. The free fall also cuts down the 50 and 100-week EMAs and lacks to find bullish support at the 200-week EMA. The sellers-driven trend devaluates the market value of Bitcoin by 44% in the last six days. Source-Tradingview BTC Technical Analysis BTC price action shows a streak of bearish candles gaining momentum with increased higher price rejection reflecting failed bullish attempts. Moreover, the weekly trading volume increases significantly, representing traders transitioning to the bearish side. The bullish alignment of the crucial weekly EMAs fails to sustain the uptrend and increases the chances of a bearish crossover of the 50 and 100-week EMA. The RSI slope shows a sharp fall to the oversold boundary as the sellers overtake the trend control. The MACD indicator displays a bearish crossover of the fast and slow lines, reflecting a boom in the underlying selling pressure. Moreover, the negative histograms resurface in the weekly timeframe and...