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Saturday, December 3, 2022
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    HomeBitcoinBitcoin could slip below $19k as bulls continue to struggle

    Bitcoin could slip below $19k as bulls continue to struggle

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    Bitcoin may drop beneath the $19k help degree over the approaching hours because the main cryptocurrency has been underperforming thus far right now.

    Bitcoin, the world’s main cryptocurrency by market cap, has been underperforming over the past 24 hours. BTC has misplaced lower than 1% of its worth over the previous few hours.

    The poor efficiency comes regardless of the broader cryptocurrency market recording positive factors previously 24 hours. The overall cryptocurrency market cap is above $920 billion, because the market has added greater than 4% to its worth thus far right now.

    Ether, the second-largest cryptocurrency by market cap, can be down by greater than 1% and is now buying and selling beneath $1,300 per coin.

    With Bitcoin presently experiencing losses, the main cryptocurrency may slip beneath the $19k degree for the primary time this month.

    Key ranges to observe

    The BTC/USD 4-hour chart is bearish, as Bitcoin has been underperforming over the previous couple of days. BTC has misplaced greater than 4% of its worth within the final seven days and will report additional losses over the following few hours and days. 

    BTC/USD Chart By TradingView

    The MACD line has been beneath the impartial zone since Friday, October seventh, indicating that the bears are presently in charge of the Bitcoin market.

    The 14-day RSI of 31 reveals that BTC may quickly enter the oversold area if the bearish pattern continues.

    At press time, Bitcoin is buying and selling at $19,111. If the bearish pattern is sustained, BTC may drop beneath the primary main help degree at $18,945 earlier than the tip of the day.

    Within the occasion of an prolonged bearish run, Bitcoin may commerce round $18,700 for the primary time in a month.

    Nevertheless, the broader market is bullish, and that might have an effect on Bitcoin’s efficiency within the close to time period. If that occurs, Bitcoin may make a transfer towards the $20k resistance degree over the following few hours or days. 

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