Analysts suggest that the «bearish» market in the cryptocurrency sector will continue if the main currency in terms of capitalization, bitcoin, confirms its recent decline and fixes below the $20,000 mark. Based on the technical analysis of the current picture, experts suggest that the secondary support level of BTC is $13,900. Currently, bitcoin is testing the support range of $18,300–$19,500 after a sell-off caused by the release of US inflation data for August last week. The current BTC quote is $18,910. Yesterday, after the US Federal Reserve announced another rate hike by 75 basis points, the bitcoin exchange rate fell to $18,358. Analysts also note that if bitcoin confirms a fall below the support range (in the form of 2 consecutive weekly closures below $18,300), the risk of a decline to secondary support around $13,900 will increase. Moreover, the weakening of bitcoin will spread to other cryptocurrencies. However, bitcoin still has a chance to change its «bearish» trajectory to «bullish», analysts say. The fall may be replaced by growth if the cryptocurrency avoids a confirmed decline below the support level and restores resistance at $22,000.
