Crucial Bitcoin price level to watch next after sharp sell-off
Amidst the recent sell-off in the crypto market, Bitcoin investors are closely monitoring the $25,000 support level, which could determine the cryptocurrency’s future trajectory. Crypto analyst RLinda highlights two confirmations that emphasize the importance of this level – sellers’ activity pushing the price down and buyers’ interest in entering the market at a lower price point. RLinda provides specific support and resistance levels for traders to watch. She suggests that a potential retest of the $25,000 support level could lead to a reversal in the trend or a bullish reaction. Traders are also awaiting confirmation from the SEC regarding Bitcoin ETF futures applications, which could boost the market. The recent sell-off in the crypto sector, including Bitcoin, has been attributed to various factors, including Elon Musk’s SpaceX reportedly selling its Bitcoin holdings. By press time, Bitcoin was trading at $25,928, down over 10% on the weekly chart.
Key points:
– Bitcoin investors are closely monitoring the $25,000 support level.
– RLinda highlights two confirmations that emphasize the importance of this level.
– Specific support and resistance levels for traders to watch are provided.
– Traders are awaiting confirmation from the SEC regarding Bitcoin ETF futures applications.
– The recent sell-off in the crypto sector has been attributed to various factors.
Hot Take:
The $25,000 support level is crucial for Bitcoin’s future trajectory. Traders are closely monitoring this level and looking for potential reversals or bullish reactions. The upcoming decision from the SEC regarding Bitcoin ETF futures applications could also impact the market. However, the recent sell-off in the crypto sector, along with the global stock and bond value drops, has added uncertainty to the market. Despite the current bearish momentum, the market remains on the edge, waiting for the next possible movement that could spur a rally.
By
By
By
By