Bitcoin

Bitcoin Slides Down Yet Again, BTC Price Needs to Sustain These Levels

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Dec 9, 2021

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Article Highlights
  • Bitcoin price dumps below $50K yet again and hence showcasing a possibility of a notable plunge waiting ahead

  • The plunge may carry on but certain levels need to be held strongly in order to ease the selling pressure else lower lows may be attained

Yet again China FUD has paved the way for a notable plume throughout the crypto space. No sooner than Evergrande defaulted, major assets just slipped from the resistance levels. Multiple plunges in a very small stipulated period point out a possible downtrend that could be imminent. Considering the Bitcoin price, the asset is revisiting the levels below $50K yet again. 

Currently, the BTC price is testing one of the crucial support zones where-in it needs to just make it or break it. One of the popular analysts Micheal de van Poppe lists some mandatory levels to hold. Else a huge bearish divergence haunts the Bitcoin price rally. 

As per the analyst, BTC price needs to sustain strong along with the $46K to $47K area. However, the more the price is below $50K levels, the more the chances of the asset revisiting lower lows. Currently, the asset is accumulating very heavily after a free fall from above $56000 levels. Multiple attempts to break through the consolidation appear to have failed nowadays. Additionally, the volume is also depleted to a large extent which is constantly dragging the price to the lower levels. 

The Bitcoin(BTC) price is constantly being impacted largely by both the bulls and the bears equally. And hence the price is not able to regain its lost positions above $50K. However, until and unless the price hovers above $48,000, the bears may not get strengthened. And hence the bulls need to utilize the opportunity and prevent the price to revisit lower levels around $42,000.

Also Read : Ethereum Price Resilient! ETH to Hit $8K In January 2022?

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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