The cryptocurrency space continues with the consolidation phase for the Second consecutive day with dried volume and depleted volatility. After breaking down from the positive tendency pattern, the price has failed to win strength and boost back, signaling that the bears have superseded the bulls. In such cases, the market sentiments tend to become fearful with fewer expectations of a tendency reversal towards the north.
The worldwide market conditions are believed to worsen in the coming days, as enormous selling pressure is about to kick into the cryptocurrency space. As the panic sellers are constantly selling their cryptocurrency at a loss, the crypto tokens are expected to remain less volatile for some time. This is why, it is very obvious that the market participants remain bearish on Bitcoin.
Nonetheless, the Bitcoin (BTC) price persists to hold some of the critical levels, which suggests the star cryptocurrency is preparing for a positive tendency breakout very soon. The Bitcoin price is still holding over the 200 Weekly MA line, 21-EMA Weekly line, and the middle line of the Gaussian Channel, which flutters huge positive tendency indicates for the cryptocurrency as a very strong positive tendency bounce in this region could be imminent.
In addition to Bitcoin, the worldwide market cap likewise sits strongly over $1.1 trillion and likewise over the 200-day weekly MA and EMA levels. These levels are as of now acting as the important support levels that must be held tight. If they hold it successfully, then the following impulse upwards may be on the horizon, or else one can expect the Bitcoin (BTC) price to test the lower support levels at $20,000 again.
