Bitcoin Downtrend Already Underway, Says Top Trader
A top trader in the crypto space believes that Bitcoin’s trend has shifted to the side of the bears. Pseudonymous analyst DonAlt states that Bitcoin has entered bear territory after losing $30,000 as support. He argues that Bitcoin has been in a steady downtrend since June. However, BlackRock’s application for a BTC exchange-traded fund (ETF) has given the cryptocurrency a boost. DonAlt advises that Bitcoin must close the week above $30,000 to regain its bullish momentum.
Key Points:
- Bitcoin has entered bear territory after losing $30,000 as support
- The cryptocurrency has been in a steady downtrend since June
- BlackRock’s ETF application has provided temporary relief for Bitcoin
- Bitcoin must close the week above $30,000 to regain bullish momentum
- Bitcoin briefly jumped above $30,000 in the last 24 hours, suggesting that bulls are still in the fight
Hot Take:
According to DonAlt, Bitcoin’s recent downtrend indicates a shift in the market. While BlackRock’s ETF application provided temporary relief, Bitcoin must close above $30,000 to regain its bullish momentum. The cryptocurrency’s future remains uncertain, but its recent bounce above $30,000 shows that bulls are still active. Crypto investors should closely monitor Bitcoin’s price action in the coming weeks to determine its next move in the market.
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