Bitcoin Loses Critical Level Below $23,000, Bears Prepare For New Assault?

Bitcoin Loses Critical Level Below $23,000, Bears Prepare For New Assault?


Bitcoin has been slowly trending to the downside over this week. The first cryptocurrency by market cap seems to have lost momentum as uncertainty spills into the crypto market from legacy markets.

At the time of writing, Bitcoin trades at $22,600 with a 4% loss in the last 24 hours and a 1.2% loss over the past seven days.

BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

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The cryptocurrency has lost its 200 days simple moving average (SMA) at $22,800. In the short term, recapturing this level is crucial to maintain the bullish momentum.

Bulls need to sustain BTC’s price current levels and push beyond its 200 SMA to prevent the cryptocurrency from re-testing previous support levels. Analyst Caleb Franzen presented the

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