Bitcoin (BTC) has slipped below a crucial support level at $29.1k, sparking worries of higher volatility on the horizon. Simultaneously, the altcoin market has followed suit, reflecting the prevailing negative sentiment within the crypto sphere. Recent market data reveals a drop of 1.5 percent in the total crypto market capitalization over 24 hours, totaling approximately $1.18 trillion.
The downturn has been accompanied by the liquidation of more than $140 million in long trades within the past day. These market shifts have been triggered by the recent substantial short position of $1.6 billion taken by well-known investor Michael Burry in the stock market.
Insights from experts shed light on the direction of the Bitcoin price. Esteemed trader Peter Brandt has observed Bitcoin’s price consolidating between $29k and $31k in recent months. Brandt is urging caution if the price breaches the rising trend for the year, emphasizing the advantage of the bears.
The violation of the overarching upward trend by the daily candle reinforces this perspective. Brandt, however, mentions that only the activation of a bear trap could indicate a positive turn, showing a preference for a price chart that moves horizontally.
Read More: Why Bitcoin Price is Falling: Here is the BTC Price Prediction for August 2023
Rekt Capital, an industry analyst, echoes these concerns and underscores the critical role of weekly and daily closing prices in shaping Bitcoin’s trajectory in the upcoming weeks. While anticipating potential decreases to $20k, the analyst highlights the impact of the double top pattern and descending divergence on the weekly Relative Strength Index (RSI).
Bitcoin’s recent decline below a significant support level has brought about negative sentiments across the crypto market. Insights from industry experts like Peter Brandt and Rekt Capital emphasize the necessity for caution in the face of potential volatility and price shifts in the following weeks. As investors and traders tackle these challenges, it’s advisable to closely monitor the evolving dynamics of the market.
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