- Bitcoin price continues to sell-off and could sweep the previous weekly low at $18,097.
- Ethereum price could revisit the $1,191 to $1,234 demand zone if BTC continues to tumble.
- Ripple price continues to sink as sellers aim for a retest of the $0.397 support level.
Bitcoin price shows a steep sell-off over the last 24 hours that has undone the gains seen between September 21 and 24. This correction has caused Ethereum, Ripple and other altcoins to crumble as well.
Going forward, investors need to be cautious and expect this trend to continue until BTC finds a stable support level to reverse.
Bitcoin price continues to search
Bitcoin price is hovering around the weekly open at $18,745 and is likely to grapple with it until sellers knock it down. A sweep of the previous weekly low at $18,095 is a good place for BTC to reverse, but it could continue sliding lower until the June 18 swing low at $17,593 is swept.
One of these levels will likely trigger a recovery in Bitcoin price in the coming week. Furthermore, secondary confirmation of this upcoming sell-off can be spotted if the Relative Strength Index (RSI) drops below the 43 to 46 support area.
A reversal, however, could see Bitcoin price climb back to $20,737, which is the first hurdle. Beyond this level, BTC buyers could disappear at the 200-week Simple Moving Average at $23,473.
BTC/USD 8-hour chart
While things might seem bearish for Bitcoin price in the short-term, this downswing could turn into a nightmare if BTC breaks below the $17,593 level. A flip of this foothold into a resistance barrier will invalidate the bullish thesis and trigger a correction to $15,500, taking altcoins down with it.
