This year, bitcoin (BTC) is the most dynamic crypto on the market despite the magnitude of the bear market. But for the past few days, the performance of the asset has been regressing somewhat. And some are already pessimistic for the next events related to the flagship crypto.
Analysts are concerned about the upcoming sinking of bitcoin (BTC)
The price of bitcoin has been on a downward slope for a few days. From the recent high of $30,000, the flagship crypto is currently worth just over $29,000. Will the valuation of the asset continue to tumble? Maybe.
What is certain is that the current dynamics of the numbers are of concern number of bitcoin traders who fear the worst. That is, a massive BTC collapse. Since the beginning of the year, the asset has struggled to exceed the $30,000 threshold.
And the fact that analysts believe in the prospects of bitcoin does not obscure the possibility of this sinking. Some traders fear that the asset will fall below $20,000 to reach a valuation of $19,000. Which would be a big drain on the market.
“So we have a double rejection top right now on BTC, so we really need to take note of the levels in case we fall. Those two levels are $25,000 and $20,000, and they are key psychological levels,” popular Crypto trader Tony warned in a recent chart analysis.
And he is not the only one to fear a fall in bitcoin. Trader Toni Ghinea anticipates a major movement in BTC during the week. This, with resistance around $31,000-32,000, for support around $29,000.
All in all, the trader advises caution. Especially since the Federal Open Market Committee (FOMC) meeting of the US Federal Reserve would influence market volatility.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service ofdaily and weekly so you don’t miss any of the essential Tremplin.io!