How Low Can BTC Price Go?
Due to the low price, Bitcoin appears to be trapped in a strong bearish trap, reaching $80,000. Not only among market participants, but also in institutions, there is also a huge uncertainty. As a result, institutions like BlackRock have liquidated billions of dollars in BTC&ETF holdings, which has escalated sales pressure on tokens. at present, BTC price Over the past 6 months, earnings have been generated, flashing huge bearish signals for Start Crypto.
A simple liquidation performance is greater than a desire!
Traders seem to have become a bearish bitcoin since the price has dropped around $96,000 from the merger range. As prices continue to fall, market participants have begun to shorten BTC and are now surpassing their desires. Data from Coinglass shows that Bitcoin shorts have accumulated a lot.
As can be seen from the above picture, the large number of bets on Bitcoin shorts have exceeded 10:1. Although the amount of leverage is about $10 million, leveraged shorts have reached more than $1.52 billion. However, another huge cluster is around $78,565, and it is believed to raise the price below $75,000 at a price below this range.
What’s next for Bitcoin (BTC) price rally?
The weekly weekly Bitcoin chart has become extremely bearish as weekly weekly candles have squeezed all earnings over the past few months. The bullish sentiment of traders is slowly declining, pursuing towards the even more terrifying days of BTC price rally. Currently, prices are heading towards key support, and if the Bulls don’t defend these levels, another 20% pullback could drag the levels below previous highs.
BTC’s price plunges and is testing key support, which has been strong resistance during previous bull runs. The Bull needs to trigger a rebound from here, otherwise the token will be afraid to repeat the previous pattern. Previously, in 2022, prices fell from the upward trend line and poured along the support area of the 2018 high, which formed the bottom of the prevailing bear market.
So if Bitcoin (BTC) prices fail to rebound and break support at $72,207, sales pressure could escalate, dragging the level to a previous high near $69,000 level. Even if the bulls may intervene, the bear can hold a strong grip at the rally, providing strong upward pressure until it cannot reach the bottom.
