Why Bitcoin Is Oversold As BTC Reclaims Territory North Of $20,000

Bitcoin was able to score some profits over today’s trading session as the market slightly rebounded after a spike in selling pressure. This saw the largest cryptocurrencies trading in the red negatively impacting market sentiment. Related Reading: Holders Accumulate, Blockchain Activity Decreases In Both Bitcoin And Ethereum At the time of writing, Bitcoin (BTC) trades at $20,300 with a 1% profit over the last 24 hours and a 6% loss over the past week. In the crypto top ten by market cap, BTC stands as one of the best performers only surpass by ETH’s price by 4% over the same period. According to the analyst Michaël van de Poppe, as Bitcoin moves back into the $20,000 region, the price could attempt to break about key resistance at $22,000. If bulls manage to break this wall, then the cryptocurrency could attempt to make a run for higher levels. As seen in the chart below, Bitcoin could climb to the top of a trend formed in June 2022. This would make $29,500 a critical level between the bulls and further profits on the weekly chart. The analyst said while sharing the chart below: Still a potential scenario on Bitcoin. The trigger is a reclaim at $19K for me, but we’ll have to see whether this stands. Total market capitalization reaches 200-Week MA and usually grants for support, and then an HL is confirmed. Bitcoin is still heavily affected by three factors: the U.S. Federal Reserve (Fed), the strength in the U.S. dolla...