The world’s largest cryptocurrency by market cap, Bitcoin BTC/USD plunged to its 18-month low of $24,552 on centralized exchanges like Binance and Coinbase, leaving investors wondering if now is a good time to buy?
Image Source: Binance BTC/USD Spot
With a strong “sell” signal projected by technical indicators, BTC fell below its support levels of $29,500, $28,500 and $26,500 – hitting a multi-week low of $25,570 with persistent selling pressure consistent with bearish traditional financial markets .
Learn more about Bitcoin’s outlook for 2022 here.
Is It Time to Short Bitcoin? If BTC breaks its $23,500 support level, it is likely to drop to $19,000 with a short-term retracement opportunity.
Source: TradingView
Taking into account the average price gains and losses, the RSI stands at 67-71 levels, which suggests that BTC is oversold and a trend reversal is due where BTC can reach the $26,000 level to regain stability. While the MACD indicates increasing downside momentum.
See also: short bitcoin
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