Tesla, MicroStrategy and BlockBTC Lose About $5 Billion in Fall
Since January 1, 2022, BTC has fallen from a monthly closing price of approximately $38,466 to its current level, which is $23,103 at the time of writing. This comes after a 0.90% price increase over the past 24 hours on CoinMarketCap.
According to the BTC/USDT 1-hour chart, BTC has been in a bearish flag shape since June 20, 2022, and is trading sideways in the channel. After touching the resistance level of $24,000, it was unable to break through the resistance level and immediately fell from the resistance level of $24.196.82 to $22,363.
Despite the bearish drop to $22,363, BTC is still above the 200 moving average on the 1-hour and 4-hour charts, which means it can turn bullish again after a few pullbacks. However, it can be observed that it is difficult for BTC to be directly bullish because it cannot break the current selling pressure, which is currently selling at around $24,000.
Additionally, BTC`s rotation process formed an uptrend on July 3, forming a series of stronger highs and stronger lows. In this case, after a series of confluences, BTC may rise to the current resistance level and make a new high in the next few days.
It is worth noting that because of its total market value of approximately 442, 322, 418, and 219, the market value of BTC is still at the leading level in the encryption market. 96 US dollars. Since the market crash, the crypto world has been hoping that the market situation can reverse from the downtrend.
