Bitcoins Crucial Support Breaks, Painful Drop Ahead?

Bitcoins Crucial Support Breaks, Painful Drop Ahead?

Bitcoin price drops below $26,000 as crucial support levels break, indicating more pain ahead with popular crypto analyst Ali Martinez predicting a possible drop to $23,000, while investors remain worried about the potential outcome of US debt ceiling negotiations.

Bitcoin (BTC) persists to show indications of weakness as the Bitcoin price declines further all the way closer to $26,000. As of press time, Bitcoin (BTC) is trading 3.5 percent down at a price of $26,303 with a market capitalization of $511 billion.

Amid the present downward spiral, Bitcoin (BTC) has been breaking under critical support levels it demonstrates that the correction is far from over and there is more pain ahead. As per trending cryptocurrency analyst Ali Martinez, there is a likelihood of the Bitcoin price dropping all the way to $23,000. In his recent tweet, Martinez writes:

“Notice that # Bitcoin (BTC) seems to be losing all major areas of support. This increases the  potential of a correction to the following important demand wall betwixt $23,200 and $24,000, where 850,000 addresses had previously purchased 340,000 BTC”. 

The present selling pressure on Bitcoin (BTC) increased over the last hours as the United States markets opened on a negative note. All of the top- 3 United States indices are down by 0.7 percent as of press time, as the debate over raising the debt ceiling drags into another day.

As the negotiations betwixt the lawmakers continue, investors remain worried about the  capacity outcome as the deadline of early June approaches, and whether the United States will default on its debt. This could potentially send shockwaves across the broader cryptocurrency market.

Is additional Harm Possible In Bitcoin (BTC) and Crypto?

Cryptocurrency analyst Michael Van de Poppe indicated that it wouldn’t be prudent to make any fresh entry into Bitcoin (BTC) at this stage. Popper writes: “Breaking south, as $27K wasn’t flipped, which means we’ll be testing lower and sweeping $26K, most likely. Acceleration as of now, so waiting for a clear positive  tendency divergence to pop up for an entry”.

He furthermore  stated: “Total market cap for # Cryptocurrency is getting into the areas of the 200-Week MA and EMA. Moment of truth is coming up. Breaking beneath, and some additional harm will be there”.

Bitcoins Crucial Support Breaks, Painful Drop Ahead?
Courtesy: Van de Poppe


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