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Bitcoin price fell about 12% in just a day on 17 August 2023 and halted at a support level of $25166. Many factors triggered this sudden drop, such as supply demand for cryptocurrencies and technical factors. This event created a selling pressure in the market. The BTC price was consolidating from $31762 to $28555 from 21 June to mid-August 2023. The BTC price achieved an annual high at $31804 resistance level in that period. It showed a power struggle between the bulls and bears. However, bears overcame that and plummeted the price downwards. Recently, the BTC price has been hovering near the $26069 level with a slight upward momentum in the past 6 days. The price gained bullish momentum from the support level of $25166 and surged roughly 4.2%. However, the previous candle reflected the dragged down and halted at the low of $25812. If the current bullish momentum sustains and the current candle breaks the previous candle’s high, the BTC crypto value might surge further at the $27000 level. On the contrary, if bears snatch control from bulls, the price might melt further. It may go to the previous support level of $25166 if the current candle breaks the previous candle low. The relative strength index (RSI) trades at 35.65. It indicates heavy participation of sellers in the market as the BTC price depleted drastically on 17 August 2023. The Chaikin money flow (CMF) score is -0.08 during the intraday session. It indicates the bearish sentiment in However, the Bitcoin price is gaining a slightly bullish trend. The Bitcoin price is currently trading below the 20, 50, 100, and 200-day EMA. It indicates the weakness in the market. Hence, the rise in the participation of sellers in the market. The long and short ratio is 0.9497, with shorts at 51.29% and longs at 48.71%. It reflects intense pressure from the sellers in the market. The market structure of Bitcoin price witnessed a sudden downfall recently. However, the BTC price was stuck in a tight range between $29000 and $30000 for several weeks. The Bitcoin value dropped towards the $28000 level due to economic news. That triggered a chain of stops and liquidation that sent Bitcoin suddenly plunging below $25000. The information provided in this article. Including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.
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