The most trending digital currency in the world, Bitcoin, is as of now going through a rough patch, and traders are now predicting that the worst is not over as more price crashes are to follow.
Pseudonymous analyst Cryptocurrency GVR has even predicted a potential dump in the range of $24,000 to $25,000 within the following 7-14 days for a retest of that level.
Crucial Levels To Watch
Bitcoin (BTC) seems to be now declining from all important areas of support, increasing the possibility of a large correction.
As of now, Bitcoin (BTC) is priced at $26,222, according to CoinMarketCap. Nonetheless, recent developments have shown nearly 2 percent downfall in the past 24 hours alone. Zooming out to a broader perspective, the last week has witnessed a gradual decline of 3.6%, showcasing the volatile and ever-shifting nature of the digital investment market.
Bitcoin’s trajectory appears to be pointing towards a critical demand wall situated betwixt the $24,300 and $25,200 levels.
Within this critical zone lies a remarkable transaction history, where a staggering 852,000 investors acquired approximately 341,000 BTC, with an estimated value of $8,946,930,000. It is critical for market participants to keep an eye on this threshold as a result of the whole lot of degree of interest and potential support indicated by the buildup of Bitcoin at the demand wall.