After a significant push beyond $20,200, the Bitcoin price faced a massive rejection that dragged the price below $19,000 again. Presently, the BTC price has plunged by nearly 7.23%, while the global market capitalization is on the verge of dropping below $900 billion. Interestingly, the BTC trading volumes spiked enormously, which is the highest in the past couple of months.
The broader crypto market and Bitcoin, specifically, are extremely unstable, as the volatility rises out of the blue. As per the data from Santiment, the BTC price pulled a massive leg down, as the trading volume peaked heavily in June. However, the BTC price continues to trade in the same danger zone after the recent rejection, carrying the possibility of a major pullback.
As seen in the above chart, the BTC price has been constantly testing the lower support (orange box) and bounces each time by nearly 25%. However, the price has been hovering at these levels for the past couple of days, which indicates the weakness of the asset. Therefore, even if the asset bounces, it may form just another lower high but may not surpass the required levels.
Therefore, the upcoming 24 to 72 hours could be extremely crucial for the BTC price as the levels of rejection are being lowered constantly. Previously, the price faced rejection at $19,300 and after an interim bounce from $18,600, the price was again restricted to $18,800.
Hence, it appears that Bitcoin is attempting to sweep low, but only if it regains the minimum levels at $18,800, at which point hopes of a rebound may be revived.