AnalysisCoin

Bitcoin is losing traction; here is where the BTC price may go next!

Bitcoin’s single-day rebound from roughly $26,000 to around $31,000 fuelled optimism that the commodity would resume its robust climb. However, a new price cut in the early trading hours sent the price below $30,000. Furthermore, the asset shows signals of weakness, which may pave the way for the bear to dominate the rise for some time to come.

In this circumstance, where will the Bitcoin price surge lead?

The price of bitcoin has risen dramatically in the last 24 hours, maybe due to the delisting of LUNA and UST on several platforms. Many people are said to have gotten into BTC trading when the price surpassed $30,000. People may have dumped BTC to collect LUNA when both coins began trading on most platforms. As a result, there has been a significant increase in LUNA pricing, which does not appear to be natural.

What are these people who are causing the market to become unstable?

Since the epidemic began, many newbies have leaped into the crypto realm as the banking system has shown fragility. The crypto industry, particularly Bitcoin, has seen massive popularity and exposure. On the other hand, people who came here had not been groomed and worried about every negative trend. They also liquidated, dragging the price down and upsetting the markets.

According to the analyst’s research, experienced holders with more than a year of holding history have stayed stable despite the present tremors. On the contrary, newcomers holding assets for a month to six months have extensively played and dumped on the asset, causing significant market volatility.

As a result, as previously discussed, Bitcoin’s latest bounce was thought to be an interim one, with the prospect of a dead cat bounce at its apex. As a result, the Bitcoin price looks to be following the trend and is predicted to hit the lower levels of $28,000 very soon.

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