The cryptocurrencyย market is plunging; the Bitcoinย (BTC) price dropped below critical levels around $26,400 as the FOMC minutes are about to be released. The traders are eagerly waiting for the minutes, and at the same time, the bears and the shorts are successfully dragging the price lower. Furthermore, the transcripts of the previous meeting are about to be published in a short while.
Thisย isย why, fine volatility is expected to kick-in within the markets very soon.ย
The Bitcoin price began to slump in the early trading hours as it failed to hold support at $27,000. Nonetheless, theย potential of the price reclaiming these regions was pretty high during the early trading hours, but that faded as the trade wentย ahead ahead. Presently, the Bitcoin price is displaying the likelihoodย of maintaining a steep descending tendency that may further accelerate a more bearish divergence to reach $26,000.ย
The Bitcoin price has faced rejection from the 50-day MA levels in the daily time frame since the beginning of the 30ย days. However,ย the 100-EMA levels are trying hard to hold the rally, but the bearish influence is slowly outperforming the positiveย tendency attempts.
Hence, the price is further believed to face another rejection from the 100-EMA levels that may drag the price lower to levels nextย to $25,000, or an extended bearish tendency may compel the price to trade below $25,000 in theย following 24 to 48 hours.ย
Despiteย theย factย that the RSI is plunging, the MACD is displaying the likelihoodย of a positiveย tendency crossover. Nonetheless, the volume persistsย to remain depleted, whichย canย potentially be a matter of concern asย ofย now and may weaken the bulls to a large extent.
Thisย isย why, the FOMC minutes are believed to induce wholeย lotย of volatility within the cryptocurrency space, and theย present descending tendency is believed continuation until the cryptoย tokens reach their respective support levels.ย
