Bitcoin (BTC) Turns Red; Why It Might Hit New Monthly Lows

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  • BTC launched new leg downs beneath $21K and $20.5K.
  • It trades beneath $20.5K and the 100 hourly SMA.
  • Moreover, the BTC/USD 1hr chart shows a massive bearish line developing with $20,820 as resistance.
  • A decisive move beneath $20K would see accelerated plummets, exploring new lows for the month.

Bitcoin has been struggling beneath the $21K mark. The world’s leading crypto should climb past the resistance at $20,750 to avoid further downsides.

BTC Price Is Plunging

Bitcoin stayed within a bearish territory as the bellwether crypto traded beneath the pivot level at $21K. Bulls have struggled to catalyze uptrends, welcoming bearish activities beneath the $20.8K mark.

The price hovered under the 61.8% Fibonacci retracement zone of the crucial revival from $19,750 to $21,780. However, the current downside waves had bears pushing prices beneath the supports at $20,550 and $20.5K.

Bitcoin hit the 76.4% Fibonacci retracement zone of the mentioned recovery between $19,750 and $21,780. For now, BTC trades beneath the $20.5K and the 100 hourly SMA.

The closest resistance to the upside stands at $20,520. Overcoming this area would see bulls pushing towards the hurdle at $20,750. Furthermore, the one-hour chart shows a massive bearish line emerging with resistance at $20,820.

A decisive move beyond the resistance would mean capturing $21K before a decent upward. Such developments might trigger upsurges past $21,250. Bulls would experience hurdles at $21,750, beyond which the dominant crypto can head towards $22.5K.

More Bitcoin Losses?

Bitcoin might extend its downside if it fails to overcome the resistance at $21K. The nearest support level stands at $20,220. Pushing under this level might translate to continued downtrends towards the foothold at $20K. Further downswings would see BTC hitting new monthly lows at $18.8K.

Bitcoin sees bears dominating its price movements. Crypto Tony, a cryptocurrency trader, trusts BTC will record volatile actions in July 2022.

Meanwhile, 100x co-founder Arthur Hayes predicts dips for Bitcoin in July’s early sessions due to the 4 July US holidays and closed banks during the day. Furthermore, Bitcoin might close the month beneath the 200-weekly MA. That would be the first time in BTC’s existence.

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