• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Tuesday, September 26, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

Bitcoin (BTC) Price Might Enter Major Bearish Trend If This Scenario Playsout – Coinpedia – Fintech & Cryptocurreny News Media

August 15, 2022
in Crypto News
Reading Time: 2 mins read
A A
Bitcoin (BTC) Price Might Enter Major Bearish Trend If This Scenario Playsout – Coinpedia – Fintech & Cryptocurreny News Media
ShareShareShareShareShare

The price of bitcoin (BTC) increased last week as inflation and growth worries were allayed by a weaker-than-anticipated U.S. consumer price index (CPI).

BTC price increased by 4.92% to conclude the week at almost $24,100. BTC even surpassed $24,500 and tried to reach $25,000. It is consolidating at the moment and anticipates more gains above the $25,000 mark.

Bitcoin may be aiming for another retest of a crucial price level that prevents the digital gold from entering another bear cycle, which appears to be the next logical objective given that the coin was unable to break through $25,000, according to the cryptocurrency’s daily chart.

After falling below $20,000 in June, Bitcoin has been trading in a rising wedge for more than a month. Since then, the value of the initial cryptocurrency has increased by over 25%, with occasional jumps to a 30% price increase.

On the flip side…

Sadly, one pattern—the decreasing volume profile—kept the market as a whole cautious and signaled that traders and investors are not supporting the current direction.

When the market once again experiences intense selling pressure, it can eventually finish with downward volatility. 

A dip below the wedge’s lower border at roughly $23,400 would mark the precise start of the reversal. Fortunately, the threshold coincides with the crucial 50-day moving average support level, which frequently serves as a guideline for trending assets.

There is currently nothing left to do but wait and observe how this week’s events play out. Along with the above noted drawbacks, Bitcoin is currently not experiencing a surge in institutional inflows, which typically fuel the first cryptocurrency’s ascent.

On the plus side, despite the most recent drop near $17,000, which brought back panic and desperation to the market, the short-term bounce on the cryptocurrency market has demonstrated that investor attitude is still favorable.

At the time of writing BTC is trading at $24,096 and is down by more than one percent. 

Was this writing helpful?

Credit: Source link

Related articles

A New Era in Crypto Privacy and a Rival to Monero, Dash, and ZCash

A New Era in Crypto Privacy and a Rival to Monero, Dash, and ZCash

September 26, 2023
Police arrest BitBoy Crypto aka Ben Armstrong, on YT livestream

Police arrest BitBoy Crypto aka Ben Armstrong, on YT livestream

September 26, 2023
ShareTweetSendPinShare
Previous Post

Battle Infinity Listing on Uniswap – 2 days to go

Next Post

UN calls for comprehensive crypto regulation in developing countries

Related Posts

A New Era in Crypto Privacy and a Rival to Monero, Dash, and ZCash

A New Era in Crypto Privacy and a Rival to Monero, Dash, and ZCash

September 26, 2023

Privacy Pools aims to balance crypto privacy with regulations, sparking debates in the community. Automated compliance and zero-knowledge proofs may...

Police arrest BitBoy Crypto aka Ben Armstrong, on YT livestream

Police arrest BitBoy Crypto aka Ben Armstrong, on YT livestream

September 26, 2023

Police have arrested Ben Armstrong. The arrest was made during his livestream session on YouTube. Also known as BitBoy Crypto....

Celsius creditors vote in favor of reorganization plan

Celsius creditors vote in favor of reorganization plan

September 26, 2023

  Creditors would receive approximately $2 billion in crypto assets from the insolvent crypto lender. Celsius plans to sell assets...

Kangamoon Emerges as a Leading Play-to-Earn Game

Kangamoon Emerges as a Leading Play-to-Earn Game

September 26, 2023

Gaming is a fast-growing space in crypto, with several projects raising excitement. One such is Axie Infinity, with its price...

Celsius creditors vote overwhelmingly in favour of reorganisation plan

Celsius creditors vote overwhelmingly in favour of reorganisation plan

September 26, 2023

Table of Content Pending final court approval, Celsius creditors have voted 98% in favour of a reorganisation plan that could...

Load More
Next Post
UN calls for comprehensive crypto regulation in developing countries

UN calls for comprehensive crypto regulation in developing countries

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Sales of Mila Kunis-backed Stoner Cats NFTs jumps after SEC crackdown

Sales of Mila Kunis-backed Stoner Cats NFTs jumps after SEC crackdown

September 14, 2023
NHN Corporation Enters Web3 Gaming with Mysten Labs Partnership

NHN Corporation Enters Web3 Gaming with Mysten Labs Partnership

September 25, 2023
South Korea To Freeze North Korean Crypto Assets With New Bill

South Korea To Freeze North Korean Crypto Assets With New Bill

September 5, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • XRP Ledger Developer Xumm Reveals “Infrastructure Overhaul,” More Than An Upgrade?
  • A New Era in Crypto Privacy and a Rival to Monero, Dash, and ZCash
  • Pudgy Penguins strikes major IP and merchandising deal with Walmart

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$26,136.00-0.72%
  • ethereumEthereum(ETH)$1,583.56-0.48%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.00-0.09%
  • binancecoinBNB(BNB)$211.680.92%
  • rippleXRP(XRP)$0.50-0.14%
  • usd-coinUSDC(USDC)$1.00-0.09%
  • staked-etherLido Staked Ether(STETH)$1,583.74-0.42%
  • cardanoCardano(ADA)$0.243976-0.53%
  • dogecoinDogecoin(DOGE)$0.060225-1.29%
  • solanaSolana(SOL)$19.14-1.90%
  • tronTRON(TRX)$0.0845360.24%
  • ToncoinToncoin(TON)$2.11-2.71%
  • Wrapped stETHWrapped stETH(WSTETH)$1,865.160.38%
  • polkadotPolkadot(DOT)$4.00-1.80%
  • matic-networkPolygon(MATIC)$0.52-0.27%
  • litecoinLitecoin(LTC)$63.80-1.14%
  • shiba-inuShiba Inu(SHIB)$0.000007-0.64%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,119.00-0.68%
  • bitcoin-cashBitcoin Cash(BCH)$213.951.35%
  • chainlinkChainlink(LINK)$7.26-3.06%
  • daiDai(DAI)$1.000.00%
  • true-usdTrueUSD(TUSD)$1.00-0.07%
  • leo-tokenLEO Token(LEO)$3.65-3.38%
  • uniswapUniswap(UNI)$4.23-0.68%
  • avalanche-2Avalanche(AVAX)$8.940.42%
  • stellarStellar(XLM)$0.111755-1.16%
  • moneroMonero(XMR)$144.15-0.72%
  • okbOKB(OKB)$42.97-0.15%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • binance-usdBUSD(BUSD)$1.000.02%
  • BSCEXBSCEX(BSCX)$237.310.49%
  • ethereum-classicEthereum Classic(ETC)$15.06-1.29%
  • cosmosCosmos Hub(ATOM)$6.96-1.19%
  • hedera-hashgraphHedera(HBAR)$0.049426-1.80%
  • GGTKNGGTKN(GGTKN)$0.1121310.76%
  • filecoinFilecoin(FIL)$3.17-1.21%
  • crypto-com-chainCronos(CRO)$0.049902-0.73%
  • internet-computerInternet Computer(ICP)$2.94-1.82%
  • lido-daoLido DAO(LDO)$1.45-1.48%
  • AptosAptos(APT)$5.39-3.39%
  • makerMaker(MKR)$1,406.248.06%
  • MantleMantle(MNT)$0.390617-0.62%
  • quant-networkQuant(QNT)$85.58-2.81%
  • vechainVeChain(VET)$0.016555-1.37%
  • ArbitrumArbitrum(ARB)$0.820.84%
  • nearNEAR Protocol(NEAR)$1.09-1.83%
  • optimismOptimism(OP)$1.272.08%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • KaspaKaspa(KAS)$0.045985-2.56%