Investors Lose Nearly $5 Billion Over Bitcoin; Will BTC Rise Back Up?

Due to the downtrend of the crypto winter and BTC’s significant decline in recent months, the market leaders who invested in Bitcoin such as Tesla, MicroStrategy and Block faced a loss of about 5 billion dollars from the fall in Bitcoin according to data from Bloomberg. Bitcoin has a big impact on the financial world as many whales and industry leaders are watching them.

Since January 1, 2022, BTC has fallen from its monthly close of around $38,466 to its current level, which is $23,103 at the time of writing. According to CoinMarketCap, this follows a price increase of 0.90% in the last 24 hours.

Based on the 1-hour chart of the BTC/USDT chart, BTC has been within a bearish flag pattern since June 20, 2022, and it is moving sideways inside the channel. After touching the resistance zone at $24,000, it cannot break out of the resistance and immediately falls from the resistance level of $24,196.82 to $22,363.

Despite the bearish pullback to $22,363, Bitcoin is still above the 200 EMA on both the 1-hour and 4-hour charts, meaning it could revert to bullish after a few pullbacks. However, it is observable that it will be difficult for Bitcoin to go straight to bullish as it cannot break the current sell pressure which has a sell order block around $24,000.

Moreover, a reversal of Bitcoin formed an uptrend on July 3, and it has formed a consistent series of higher highs and higher lows. In this case, Bitcoin is likely to rise above its current resistance level and place a new higher high in the coming days after following a series of consolidations.

In particular, BTC has continued its leading position in the crypto market when it comes to market capitalization, as the total market capitalization is around $442,322,418,219.96. Ever since the market crash, the crypto world has been hoping for a reversal of market conditions from the downward trend.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of CQ. No information in this article should be construed as investment advice. CQ encourages all users to do their research before investing in cryptocurrencies.