Bitcoin price is hovering below the crucial levels at $20,000 for over a month now and hence the volatility appears to have reached the bottom. Meanwhile, the volume maintains some decent levels which have failed to rise the volatility of the asset. In the coming days, a more dreadful dump is awaiting the Bitcoin (BTC) price rally due to which it may even reach its older levels too.
BTC price on the weekly chart is showing the possibility of forming a death cross as the 200-day MA and 50-day MA levels could face a crossover. This is also the first death cross to occur on the weekly chart since the inception of bitcoin which could happen in January or February 2023.
As mentioned in the above chart, the historical death cross is just a few weeks away and if the BTC price wants to nullify the impact, it is required to intensify its volatility. The price is required to move higher and lower very quickly and may even reach the bottom between $7000 to $8000, which may also be a temporary one.
However, amid the latest decline, the price broke above the lower trend line, indicating a strong bearish trend. Despite the bullish intervention, the required upside in the prices may not take place as the trade is completely in favor of the bears. Furthermore, the intense volume indicates a strong participation of bulls and bears due to which BTC price is limited below the important resistance level.
