Bitcoinย (BTC) persistsย to show indicationsย of weakness as the Bitcoin price declines further all the way closer to $26,000. As of press time, Bitcoinย (BTC) is trading 3.5 percent down at a price of $26,303 with a marketย capitalization of $511 billion.
Amid theย present downward spiral, Bitcoinย (BTC) has been breaking under critical support levels itย demonstrates that the correction is far from over and thereย is more pain ahead. As per trending cryptocurrency analyst Ali Martinez, thereย is a likelihoodย of the Bitcoin price dropping all the way to $23,000. In his recent tweet, Martinez writes:
โNotice that # Bitcoinย (BTC) seemsย to be losing all major areas of support. This increases theย potential of a correction to theย following important demand wall betwixt $23,200 and $24,000, where 850,000 addresses had previously purchased 340,000 BTCโ.ย
Theย present selling pressure on Bitcoinย (BTC) increased over the last hours as the Unitedย States markets opened on a negative note. All of the top- 3 Unitedย 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 theย capacity outcome as the deadline of early June approaches, and whether the Unitedย States will default on its debt. This could potentially send shockwaves across the broader cryptocurrency market.
Is additional Harm Possible In Bitcoinย (BTC) and Crypto?
Cryptocurrency analyst Michael Van de Poppe indicatedย that it wouldnโt be prudent to make any fresh entry into Bitcoinย (BTC) atย thisย stage. Popper writes: โBreaking south, as $27K wasnโt flipped, which means weโll be testing lower and sweeping $26K, most likely. Acceleration asย ofย now, so waiting for a clear positiveย tendency divergence to pop up for an entryโ.
He furthermoreย stated: โTotal marketย 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 thereโ.
