Bitcoin price again appears to flip the uptrend and plunge down since the early trading hours
The price movements in the next few hours may decide the future trend of the asset, however, revisiting levels below $20K is quiet possible
Bitcoin Price Struggle To Reach 200-MA Levels
Bitcoin prices that maintained above $40,000 for almost the whole day, showcased a possible uptrend towards the upper resistance around $41,000. However, the whole scenario flipped and the bears overtook the market to drag the price to the current levels.
The price in the previous trading was on the verge to bounce above the 200 day MA to propel further. However, with the recent plunge the price may experience a serious drain that may lead the price below $20,000 also.
Therefore, to keep the bullish momentum intact, the prime focus would be to break the bearish trend and rise above $38,000. Else the price as mentioned by a popular analyst, TheMoon may visit $17,000 in coming days.
Is the ‘Greener Bitcoin’ Debate Impacting The Price?
Bitcoin has been in the crypto space for a decade and the mining process is also a known fact. Yet the debate of bitcoin being environmental friendly has surfaced recently when Elon Musk announced the withdrawal of BTC payments.
Since then the price has entered a sideway trend followed by a huge price crash which declined to $30000 levels. No doubt the price rallied and surpassed $40,000 a couple of times, yet got rejected each time. The drain is so extensive, that the price revists $35,000 zone during each rejection.
However, many renewable sources of energy have been escalated to use it for the mining process, yet it may be a little time consuming. The matter of concern lies whether the debate is causing the price to be stuck within $35K to $40K levels. Nevertheless, the bitcoin price rally is expected to resume soon to head towards the set target.