Analysts warn of further downside as Bitcoin struggles to hold support at $20k

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Data provided by TradingView shows that Bitcoin's price plunged to a daily low of $19,755 in early trading on Wednesday but managed to reverse course in the afternoon session and climb back above $20,000 where bulls are now battling bears for control. The weakness in BTC was touched on by Kitco senior technical analyst Jim Wyckoff in his morning Bitcoin brief, noting that “bulls had gained some slight momentum earlier this week, but lost much of it Wednesday.

2022 #Bitcoin: MACD changes color from dark red to light red. This could be the end of the bear market.— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 October 5, 2022 No end in sight for the crypto winter The prevailing trend on the weekly chart “clearly remains to the downside,” according to Grummes, who cautioned against a short squeeze “given the oversold situation.”

“As long as the greenback remains strong and trending higher, the liquidity crisis will continue and all asset classes will remain under pressure,” Grummes said.

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