Bitcoin August 19, 2022 – Imminent bloodbath below $20,000?

$20,000 in sight – Bitcoin (BTC) price loses both $23,000 and $22,000 within 24 hours. The bears are a brutal reminder that it may still be too early to hope for the start of a lasting bullish recovery.

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A blood red for the price of Bitcoin

Bitcoin price drops as low as $21,153 on Bitfinex today, August 19, 2022. Cryptocurrency trades at $21,251 at the time of writing this article. Its price is currently recording a significant loss of 8.82%.

All days this week closed in the red, despite a foray above $25,200 on August 15th. Markets are recording today their sixth consecutive bearish candlestickwhich is causing Bitcoin to lose major bullish support at its 200-week moving average.

Crypto Winter Lingers, Spring Isn’t Here Yet

Today’s significant decline is a reminder that Bitcoin is still in a bear market, despite the rises that have allowed it to temporarily reconnect with $25,000.

21st Paradigm founder Dylan LeClair shared a chart of Bitcoin price on a daily basis, while highlighting similar behavior cryptocurrency to $40,000, then to $30,000, and “now” to $20,000.

Posted by Dylan LeClair – Source: Twitter

The chart shows that at these levels, Bitcoin is experiencing a rise that is relatively short-lived, before experiencing sharp declines.

It also shows a similarity between Bitcoin price fluctuations and those of its RSI. Based on this analogy and historical data, this RSI could register further declines, and the price of Bitcoin could thus get back the $20,000.

Given all this data, Dylan LeClair criticizes the fact that ” calls for the start of the new bull run have been made at all levels in a bear market that still seems far from over.

The whale-defended support zone at $22,800-$23,400 failed to hold up against bear pressure. The rise above $25,200 appears to have signaled the end of a short-lived rally. The markets now have their eyes fixed on 20,000. Will the price of Bitcoin make a passage below this symbolic level during this month of August?

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