Zinger Key Points
- Bitcoin is down 10.3% in the last 24 hours, currently traded at $24,670 the market cap stands at $519B as per data on CMC
- Bitcoin has plunged 63% from its ATH of $68K. Loss of support levels at $23,500 could lead to further decline
- Higher volatility brings in greater risks with huge leverage opportunities for short and long positions
The world's largest cryptocurrency by market cap, Bitcoin BTC/USD crashed to its 18-month low at $24,552 on centralized exchanges such as Binance, and Coinbase leaving investors wondering if now is a good time to buy?
With a strong ‘sell’ signal projected by technical indicators, BTC declined below its support levels of $29,500, $28,500 and $26,500 — hitting a multi-week low at $25,570 with consistent selling pressure aligned with the bearish traditional financial markets.
Learn more about Bitcoin's outlook for the year 2022 here.
Is It Time To Short Bitcoin? If BTC breaks its support levels of $23,500 it is expected to drop to $19,000 with a short-term retracement opportunity.
Keeping average price gains and losses in account, RSI stands at 67-71 levels indicating BTC is oversold and a trend reversal is due where BTC can hit the levels of $26,000 to regain stability. While MACD indicates an increase in downside momentum.
See Also: How To Short Bitcoin
Leverage Trading: The high volatility acts as a hotbed for quick entry-exit positions.
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