Bitcoin price continues to hover around limited resistance and support levels, indicating a decisive phase ahead. However, the decisive phase may not end with a breakout, as multiple factors point to a steep decline. BTC price seems to be dropping more than 25 percent again to hit an 18-month low near $21,000.
What are the next levels for Bitcoin?
As we have reported as Kriptokoin.com, the Bitcoin (BTC) price continues in a downtrend and is therefore preparing to fall below the lower support and fall sharply. In a recent update, BTC whales seem uncertain about the upcoming BTC price action and therefore they have liquidated about 30,000 BTC in the last 24 hours. On the other hand, according to analysts, the supply on exchanges has also increased by about 10,000 BTC. So this could be an effect of huge BTC reserves which may need to put significant selling pressure in the market. According to experts, the asset is currently on the verge of losing the $29,000 level.
However, if BTC price drops below $29,000 once again and fails to recover soon, then it can be assumed that a steep downtrend has resumed. Here, the price is expected to drop as low as $21,000, as one popular analyst Capo predicted. The analyst has been posting Bitcoin price action for a few days now, and surprisingly, the price is moving according to the forecast. While prices were initially hovering above $30,000, the analyst predicted a drop below $29,000 to test the levels around $28,600. The latest drop, which was fired from the early trading hours, confirms the forecast.
What is the latest situation in the market?
Meanwhile, looking at the general market, the value of the total crypto money market seems to have decreased by 1.6 percent in the last 24 hours to $1.26 trillion. The largest altcoin Ethereum is also changing hands around $1,780. Cryptocurrencies such as ADA and SOL lost 5 percent in value.
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