BTC Technical Analysis: Will Bitcoin Tank Under $20,000 This Week?

The BTC price action shows a relief rally over the weekend, but the lack of bullish momentum threatens a downtrend breaking under $20,000. Key Technical Points: The Bitcoin (BTC) market price dropped by 12% last week. The 3% bullish recovery over the weekend retests the bearish breakout of $21,875. With a market cap of $410 billion, the intraday trading volume of Bitcoin has decreased by 10% to reach $22.94 billion. Past Performance of BTC The Bitcoin (BTC) price action shows a bullish failure to rise above the $25,335 level and the 100-day EMA due to the increased supply pressure. The correction phase breaks below the 50-day EMA and the long-coming support trendline, accounting for a 12% price drop last week. Moreover, the Bitcoin market price tanks below the $25,000 mark and retests it over the weekend with a 3% recovery with minimal intraday trading volume. Source – Tradingview BTC Technical Analysis The BTC prices may shortly restart the bearish trend with a boom in trend momentum as a post-retest reversal rally. Moreover, the upcoming trend may test the crucial bottom support at the $18,847 mark resulting in a drop below the psychological mark of $20,000. As the market price falls below the 50-day EMA, the possibility of a bullish crossover between the 50 and 100-day EMA nullifies. The RSI indicator displays an extraordinary rise in the underlying bearishness as the RSI slope falls to the oversold boundary. Moreover, as t...