Bitcoin is struggling to hodl the $28k price mark but market sentiments are all against it. So, the question arises, can BTC hold this level? Let’s jump into the discussion of what will be the next probable move of BTC.
BTC has collapsed to reach the lowest point since December 2020. Data from CoinMarketCap shows that currency has lost more than 50% of its value in the last 6 months. This bloodbath has wiped more than $1.5 trillion from the crypto market. At the time of press, Bitcoin is trading above $29k but it went down to $26,350 earlier today. Bitcoin is struggling to find support around $28k but the current wide decline can take it to $24k.
Bitcoin is struggling to find support
There is not much on the technical side because there’s extreme fear in the market which can dictate the BTC’s next movement. Although Bitcoin dominance has increased over the past two days it is not much of use to anyone. Currently, we’re seeing a correction but BTC will face heavy resistance around $31k. Selling pressure is increasing and Bitcoin is struggling to make support near $28k.
Many experts are suggesting that this bearish might remain for months. But, in the long timeframe, BTC will return stronger. DYOR