The Bitcoin Price Range Has Been Obliterated
The crypto market experienced a sudden drop, catching many by surprise. Bitcoin trades at $26,400 with an 8% loss in the last 24 hours. The crash led to over $1 billion in long liquidations and the selling pressure was exacerbated as BTC continued to drop.
Bitcoin Ready To Re-Test Support, Your Longs Could Be In Danger
The recent crash was worse than the one experienced when FTX collapsed, and recovery may take some time. Analyst Keith Alan believes that the BTC price bottom has not been reached. Key levels to watch include the 2017 bull market top at $20,000, the 2019 bull market top at around $14,000, and even the COVID-19 lows at $3,850. Further losses are possible, but there may still be opportunities to scalp longs along the way.
Hot Take
The recent drop in Bitcoin’s price has shaken the crypto market, leaving many uncertain about the future. While there is potential for further losses, it is important to stay vigilant and consider opportunities as they arise. The market remains volatile, but with careful analysis and strategic decision-making, it is possible to navigate these challenging times.
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