- Tesla, MicroStrategy, and Block lost around $5 billion from Bitcoin’s fall.
- Bitcoin trading volume has decreased by 26.45% in the past 24 hours.
- According to CoinMarketCap, the Bitcoin price sits at around $23,125.
Due to the crypto winter downtrend and the significant drop in BTC over the past few months, market leaders who have invested in Bitcoin such as Tesla, MicroStrategy, and Block have suffered a loss of around $5 billion because of Bitcoin’s decline according to Bloomberg data. . Being watched by many whales and industry leaders, Bitcoin has a huge impact on the financial world.
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 past 24 hours.
Based on the 1 hour chart for the BTC/USDT chart, BTC has been in 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 drops from its resistance level of $24,196.82 to $22,363.
Despite the bearish comeback to $22,363, Bitcoin is still above the 200 EMA in the 1-hour and 4-hour charts, meaning it may turn bullish again after some pullbacks. However, it can be observed that it will be difficult for Bitcoin to move directly higher as it cannot break the current selling pressure which has a block of sell orders placed at around $24,000.
Additionally, a Bitcoin reverse price formed in an uptrend on July 3 and it formed a consistent series of higher highs and lower lows. In this case, Bitcoin could likely break above its current resistance level and hit a new high over the next few days after following a series of consolidations.
Notably, BTC still holds its leading position in the crypto market when it comes to market capitalization, with its total market capitalization being around $442,322,418,219.96. Ever since the stock market crash, the crypto world has been hoping for a reversal in market conditions from the downtrend.
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of CQ. Nothing in this article should be construed as investment advice. CQ encourages all users to do their research before investing in cryptocurrencies.