Bitcoin’s Retracement Could Push It Back to $30,000
Bitcoin is experiencing a loss in its value and may be heading towards a more significant retracement that could bring it back to the $30,000 range. Currently, Bitcoin is trading at $40,950 with a 2% loss in the past 24 hours. On the weekly chart, it records a 3% loss, similar to other top 10 cryptocurrencies except for Avalanche (AVAX).
Bitcoin Hits Local Top as Bull Run Slows Down
Over the weekend, Bitcoin faced rejection from the critical resistance level at $43,500. An analyst suggests that this drop in BTC price was due to a substantial resistance block created by a significant player. The presence of selling orders and thick support on the books indicates that Bitcoin’s bullish momentum is fading.
BTC Whales On The Move
Crypto analytics firm Material Indicators reveals that major players are losing confidence in Bitcoin. Selling orders above $1 million have been dumped over the weekend. The firm warned about this possibility earlier, stating that the recent bullish price action was meant to draw liquidity from retail investors. As smaller players entered the market, whales began selling their coins.
Hot Take: Bitcoin Faces Uncertain Future
The market seems to be flipping towards accumulation, and lower prices could lead to this point. While the current situation looks unfavorable for bulls, a straight decline is not expected. It’s crucial to exercise patience and monitor developments moving forward.
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