BITCOIN “ANNIHILATED” ITS KEY SUPPORT DURING RECENT DECLINE; HERE’S WHERE IT STA

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BITCOIN “ANNIHILATED” ITS KEY SUPPORT DURING RECENT DECLINE; HERE’S WHERE IT STA

Bitcoin has been facing immense turbulence ever since its price reached the mid-$19,000 region. Although many investors expected it to rally after tapping these highs, the selling pressure here proved too intense.

This has resulted in BTC seeing multiple consolidation phases as well as multiple strong selloffs. So long as this trend persists in the mid-term, BTC will likely drift lower before reaching a level with enough support to spark a long-lasting uptrend.

One trader explained that this latest move lower “annihilated” Bitcoin’s support, leaving the bottom of its cloud as the last crucial support.

At the time of writing, Bitcoin is trading up just under 1% at its current price of $18,450. This marks a notable decline from weekly highs of $19,400.

It also marks a slight rebound from its overnight lows of $17,640 that were tapped during the selloff.

The rebound from this level was both intense and bullish, but it still has a way to go before it can see any serious momentum in the mid-term.


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