Jul 01, 2022 02:30AM ET
By: AnalysisWatch
Bitcoin closed below the 200-week moving average.
The price of BTC ended the month of June at $19,925.
The RSI on the daily chart of BTC signals oversold.
Bitcoin closed below the 200-week moving average as its price continued to decline over the past 24 hours.
The largest cryptocurrency by market capitalization, BTC, broke a critical support zone in the past 24 hours, dipping below the $19,000 level.
Since then, the price of BTC has recovered and closed June at $19,925. This positions the BTC price below the 200 WMA, which is the first time this has happened in the token's history.
Additionally, BTC scored the lowest relative strength index in history.
At the time of writing, the price of BTC is now $19,392.22, according to CoinMarketCap, which tracks the crypto market.
This comes after a 3.02% drop in price over the past 24 hours and a 7.91% drop in price over the past seven days. Due to the drop in BTC's price, its total market cap is now $370,041,403,137.
Daily Bitcoin/USDT Chart
Looking at the daily chart for BTC/USDT, the RSI line has crossed below the RSI SMA line, which is a bear flag signal.
In addition to the crossing of the two lines over the past day, the RSI on the daily chart is now at 29.34, which takes BTC into oversold territory.
BTC is currently in a price channel with an upper channel boundary at $21,876 and a lower channel boundary at $18,605.
A descending triangle pattern is also forming on the daily chart for BTC as its price continued its downward move and posted another red daily candle.
BTC could fall to the lower boundary of the price channel as it approaches the top of the chart pattern.