The BTC price fails breaking one crucial level as the bulls didn’t have enough power to overcome it, and the cryptocurrency saw rocky moves past few days with some mixed price action which took away all the clarity that the investors previously had in these trends so let’s read more in today’s Bitcoin news.
The selling pressure that BTC was facing over the past few days and weeks was quite intense which made it unclear as to where it could trend in the days and weeks ahead. One trader explained in a tweet that he will now be watching for a notable drop saying that BTC was unable to break below the key resistance level. Assuming that this descending resistance continues holding, it will likely result in the entire market going down.
BTC was leading the market into a mixed price action while the altcoins thrived in the periods of sideways trading. BTC Was unable to gain any clear trend since then. One factor to consider is the speed of rejection for each attempted rally. Even the Elon Musk effect was not able to shift the trends and push it past the key resistance. This led one trader to expect an imminent downside, pointing to the lower $20,000 region as the next target. At the time of writing, BTC is trading down over 4% with a current price of $32,800 which marks a huge drop from its overnight high of $34,200 set a few hours ago. The cryptocurrency erased about every pump seen over the past few weeks which is not a good sign for the bears.
The BTC price fails to break these crucial levels so until it does, it could continue drifting lower. While sharing his opinions on BTC’s current technical outlook, one analyst explained that he is watching out for further near-term downside and pointed to the lower $20,000 region as the place that he thinks will see more interest in buying:
“Why is CT overly bullish? I don’t get it, and i won’t until i see $36k cleared. Show me your bullish charts, if any.”
The upcoming few days should give us some more insight into Bitcoin’s outlook and whether or not this weakness is quite problematic and will bring a new drop to the new local lows.