After a significant push beyond $20,200, the Bitcoin price faced a massive rejection that dragged the price below $19,000 again. Presently, the BTC price has plunged by nearly 7.23%, while the global market capitalization is on the verge of dropping below $900 billion. Interestingly, the BTC trading volumes spiked enormously, which is the highest in the past couple of months.
The broader crypto market and bitcoin, in particular, are extremely volatile, as volatility seems to emerge out of the blue. According to data from Sentiment, the price of BTC has taken a significant drop as trading volume peaked in June. However, following the recent rejection, BTC price continues to trade in the same danger zone, with the potential for a major downside break.
As seen in the above chart, the BTC price has been constantly testing the lower support (orange box) and bounces each time by nearly 25%. However, the price has been hovering at these levels for the past couple of days, which indicates the weakness of the asset. Therefore, even if the asset bounces, it may form just another lower high but may not surpass the required levels.
Therefore, the upcoming 24 to 72 hours could be extremely crucial for BTC price as the rejection level continues to lower. First, the price faced rejection at $19,300 and after an interim bounce from $18,600, the price again narrowed to $18,800.
Hence, it appears that Bitcoin is attempting to sweep low, but only if it regains the minimum levels at $18,800, at which point hopes of a rebound may be revived.
