Bitcoin Climbs Back Above $30,000, But Sell-Off Risk Still Continues

Bitcoin Climbs Back Above $30,000, But Sell-Off Risk Still Continues

Bitcoin Climbs Back Above $30,000, But Sell-Off Risk Still Continues

Cryptocurrency continues to decline. Bitcoin, which has been moving between $ 30,000 and $ 35,000 thousand for a long time, has recently crashed below $ 30,000.

With the depreciation of Bitcoin, selling pressure dominated the market and other altcoins such as Ethereum and Dogecoin also lost value.

Although Bitcoin is again above the $ 30,000 level today, experts think that this situation will not be very permanent for Bitcon.

According to experts, BTC sales are mostly at a loss, and this may be a bearish sign for the next period. The trading volume is not just in Bitcoin, but most of the other cryptocurrencies currently traded are sold by their investors.

The reason for this is the prices that have gone down from the extremes. Bitcoin price dropped more than 50% from its all-time high of $63,562 and people started selling their BTC well below the levels they bought it.

Bitcoin is currently trading around $31,000. After the big drop seen at $ 65,000, Bitcoin has been at these levels for a long time.

 

Bitcoin Technical Indicator

Technically speaking, above the above 31,000 resistance in Bitcoin;

It could test the $33,575 and $36,000 resistance levels first.

In the lower closes, if the $28,670 level is broken;

There could be declines to the $26,400 support level first and then the $24,000 support level.

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