Bitcoin

With the largest part of the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a> continuing to record unremarkable price trends, its representative asset – Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>), is no exception, fighting to keep its head above the $26,000 level as indicators suggest that further declines could be coming.As it happens, <a href="https://finbold.com/guide/fastest-way-to-buy-bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> has broken below the 200-day simple <a href="https://finbold.com/guide/moving-average/" rel="noopener noreferrer nofollow">moving average</a> (SMA), and its behavior over the last decade suggests the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset could drop to touch its realized price, which currently stands at $20,350, according to the analysis by <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto trading</a> expert Ali Martinez <a href="https://twitter.com/ali_charts/status/1693392465607406020" rel="noopener noreferrer nofollow">shared</a> on August 21. <img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/73c8e03b0b5a4238aff77b7d56daa170.jpg" />Bitcoin realized price analysis. Source: <a href="https://twitter.com/ali_charts/status/1693392465607406020" rel="noopener noreferrer nofollow">Ali Martinez</a>Earlier, Martinez posted his <a href="https://twitter.com/ali_charts/status/1693330557944451074" rel="noopener noreferrer nofollow">observations</a> that predict an even worse dip for the maiden <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">cryptocurrency</a>, arguing that the TD indicator “presented a buy signal on BTC daily chart, but confirmation won’t come until a sustained close above the 200-day MA,” adding that breaching the <a href="https://finbold.com/guide/support-and-resistance/" rel="noopener noreferrer nofollow">support</a> between $25,200 and $24,800 might pave the way for $20,000. <img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/9df2e8b696e645588b7105a3f7497e69.jpg" />Bitcoin price action analysis. Source: <a href="https://twitter.com/ali_charts/status/1693330557944451074" rel="noopener noreferrer nofollow">Ali Martinez</a><h2 id="header-0">Bitcoin price analysis</h2>At press time, Bitcoin still remains above this support range, changing hands at the price of $26,061, which indicates a drop of 0.19% on the day, adding up to the 11.36% loss on its weekly chart, as well as declining 12.96% across the previous month, according to the latest data retrieved on August 21. <img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/d3e5fd6d80a94e0693ae2f1d3aa53061.png" />Bitcoin 7-day price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a> Meanwhile, a pseudonymous <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> analyst known as El_crypto_prof has pointed out that the recent Bitcoin sell-off had pushed its relative strength index (<a href="https://finbold.com/guide/rsi-indicator/" rel="noopener noreferrer nofollow">RSI</a>) to its lowest level in over 20 months, indicating a potential oversold condition but that historical <a href="https://finbold.com/guide/chart-patterns/" rel="noopener noreferrer nofollow">chart patterns</a> suggest a possible recovery between 28% and 60%.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Bitcoin price teetering on the edge of a major drop, analyst warns

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