Bitcoin (BTC) Price Falls Below $16000 as Selloffs Continue

Adekunle Joshua
3 Min Read

Key Insights

  • Bitcoin broke down one of the last support zones around the $18,400-$18,200 level.
  • The loss of this critical support level signaled that the price of BTC may continue its current downward trend.
  • Santiment noted that the flagship cryptocurrency has fallen below $15.8k for the first time in two years.

 

One of the last support zones holding Bitcoin up around the $18,400-$18,200 zone was broken down by the cryptocurrency during the most recent bloodbath in the crypto market.

The loss of this critical support level signaled that the price of BTC may continue its current downward trend and may even reach lower levels.

The indicators on Bitcoin’s charts show no signs of solid bullish momentum, especially after the FTX crash and the massive market selloff.

However, there is some light at the end of the tunnel for the flagship cryptocurrency. Bitcoin is now showing some potentially bullish signals, according to the on-chain data aggregation platform, Santiment.

Bitcoin’s Address Activity Spikes

Santiment noted that the flagship cryptocurrency has fallen below $15.8k for the first time in two years. Nevertheless, address activity increased to its highest point in more than six months.

Santiment further notes that as far as the crypto market goes, the patient gets rewarded due to the FUD that arises from a lack of trust in exchanges.

The chart above shows Bitcoin’s address activity soaring to its highest point since May over the weekend after the continued movement of BTC into self-custody.

This is in direct contrast to the price of the cryptocurrency because it currently struggles around $15,500, and an impending drop to lower levels looks more like a possibility as the days go by.

Bitcoin (BTC) Price Analysis 

Over the last few weeks, little has changed in Bitcoin’s price performance because the bears continue to outweigh the bulls.

Bitcoin is one of the fastest-dropping coins and has decreased in price by 3% at the time of writing, according to data from CoinMarketCap.

Chart showing the price action on bitcoin, voc, voice of crypto
chart showing the price action on bitcoinâ | source: tradingview

The flagship cryptocurrency trades sideways on the hourly time frame between the support level at $16,000 and the resistance level at $16,713. However, Bitcoin’s price action has fallen again over the last 24 hours into a retest of the $16,000 zone.

However, despite the dip and the $16,000 retest, Bitcoin is now gaining back some of its dominance, as its market dominance now sits at 37.8% after a 0.3% increase over the last day.

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

 

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My passion lies in crafting compelling content that educates and engages audiences in the dynamic world of crypto and blockchain. With extensive experience in technical writing, I've helped numerous founders, investors, and startups achieve their goals. My expertise extends beyond just crypto, encompassing finance, marketing, and new-age technologies like AI and Cloud.
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