The BTC bear case suggests moving towards the $28,000 in the near-term with the price action as of late which was ambiguous with the buyers and sellers reaching an impasse as BTC struggles to get any momentum as we are reading more in today’s Bitcoin news.
The cryptocurrency didn’t make an attempt to break above $40,000 a day ago but the selling pressure was so strong and sparked a rejection. Its price has dropped to $35,000 which got the bulls trying to slow the descent and to spark a rebound. Where will the market trend next could depend on whether or not BTC is able to find support which will slow down its drop. If it goes deeper, BTC will place more headwinds on the market and will spark a huge selloff among other altcoins which slows their momentum leading to another downside.
BTC saw some intense turbulence today with the bulls lost their edge over the crypto price action and caused it to see a drop to lows of $34,000. The support level here is extremely important as it helped the entire market see an influx of buy-side pressure which allowed for a new rebound. It remains unclear whether or not this rebound will be strong enough for BTC to form a long-term bottom as one analyst noted that a move below $28,000 could be imminent in the short-term.
At the time of writing, BTC is trading down under 10% with a current price of $35,300 which marks a notable decline from the recent highs of $40,000 which was set yesterday around this time. where will the entire market trend next will depend largely on whether or not the bulls are able to create long-term support in the lower $30,000. Breaking below could lead to a serious downside for the entire market and could mark an end to the uptrend of the cryptocurrency.
The BTC bears case suggests a new move lower with one trader explaining the possibility that the BTC decline will cut deep and will send it towards $28,000 before it is able to find long-term support. He noted that there’s a next critical support level based on different factors:
“The bearish $BTC case projects towards 28k or lower, in that case we just printed some b wave – like I said, price action is ambigious up here.”
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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