Bitcoin has been on a continued downfall after losing close to 33% over the last seven days. In the last 24 hours, BTC lost close to 6% and was moving towards its next support level. There has been immense choppiness in the market, with BTC steadying around the support level of $23,000 and then falling right through that level again.
Bitcoin again bounced off the $20,000 price level as it was trading slightly above that level at the time of writing. Fall from the current price level can push the coin towards the $17,000 support mark.Traditional financial markets also have suffered the brunt after the US Federal Reserve decided to hike up interest rates by at least 50-basis points.
BTC was priced at $21,000 on the one day chart. BTC last traded at this price level in the month of December of 2020. It has been a consistent fall for BTC after the coin lost support at $28,000. Immediate resistance level for the coin stood at $22,000.The support zone was between $19,000 and $16,000 respectively. Consistent sell off can push BTC to $13,000 going by the massive bearish momentum the coin has gathered. Volume of Bitcoin traded increased and was in red signifying bearish assertion in the market.
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