During the day, the price of the crypto market leader Bitcoin (BTC) fell by 2.06%. According to CoinMarketCap, this 24-hour drop resulted inBTC falling below the $23,000 range. Currently, the main cryptocurrency is trading at $22,860.
4-hour chart for BTC/USDT (Source: TradingView)
The 4-hour BTC chart turned bearish afterhow BTC price broke support at $23,250. This decline caused BTC price to fall below the 9 and 20 EMA lines, resulting in a bearish 9 EMA cross below the 20 EMA line.
Right now, the price of BTC is in limbo near the support level at $22,815.
The RSI indicator on the 4 hour chart is alsoindicates extreme bearish sentiment. At the time of writing, the RSI line was in oversold territory at 32.98. In addition to this, the RSI line is leaning towards negative territory, suggesting a potential decline in the price of BTC in the coming days.
If the support level at $22,815 is notholds until the close of today's trading session, then the price of BTC is at risk of falling to the next support level at $22,345. On the other hand, if the price of BTC closes today's trading session above the level, then it is likely to bounce and gain a foothold in the channel between $22,815 and $23,250.
However, the high selling volumes present on the BTC charts confirm the bearish thesis that the price of BTC will break the current support level and drop to $22,345.
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