The Bitcoin(BTC) price has dropped to a new 2022 low of $20178, accounting for 70% loss since the November All-Time High of $68789. Thus, the coin price tested the shared support of $20000 and 0.786 FIB level, trying to replenish the bullish momentum. An expected pullback due to the oversold signals from indicators could offer relief rally to $24000 or $28000.
During Mid May to June, the combined support of the $28500 and 0.618 Fibonacci stalled the ongoing bloodbath in the crypto market. However, the resulting consolidation eventually ended on bearish note as the BTC/USDT pair breached this: bottom support on June 11th.
This support fallout indicated continuation of prevailing downtrend and deprecated the BTC price by 29.3%. The downfall breached crucial psychological support as $26000, $24000 and now has recently tested the $20000 mark.
Today, the BTC price is up 3.36% but lack of volume rise indicates weakness in the bullish commitment. Thus, If the selling persists the coin price may pierce the $20000 support as well.
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