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Bitcoin after rallying to its new ATH at $23,800 dropped below $23K in a very short span of time.
The Bitcoin community, however, believe the Bitcoin bull rally has not halted but with fasten up very soon
Bitcoin Gets Rejected Again!!
Bitcoin price had the most bullish rally ever in its history by surging above $23K in just a matter of hours. The Bitcoin bulls outperformed the bears who were expected to hinder Bitcoin’s uptrend and turn it into a downturn.
As Coinpedia reported earlier that, Bitcoin has a history of getting rejected multiple times at every stage yet again it gets rejected at $23,000 not once but multiple times in the past 24 hours.
However, many still believe that Bitcoin rally is unstoppable until it reaches $100K as said by the CEO of Binance, Changpeng Zhao.
Moreover, CZ also said that It may plunge back to $85,000 after rallying to $100K.
Will Bitcoin Price Slide Down or Stand Strong?
The most dominant crypto, however, is manifesting a sense of stability in its growth by showcasing less voltality. Amid the positive market sentiments and the technical indicators, some still believe, Bitcoin may plunge back to $15,000 in 2021.
According to the chart posted by analysts on Trading View, he predicts the Bitcoin Price may slip down drastically close to $15,000 breaking all the support levels. However, he further shows the bitcoin rally to the current levels close to $24,000 in February 2021.
Technical Indicators
- The resistance levels are formed at the newly formed ATH at $23,789
- The support levels are formed initially at $22,400 if it breaks down more, levels around $20k may be imminent.
- The technical indicators suggest a strong buy
