THELOGICALINDIAN - Bitcoin and the aggregated cryptocurrency bazaar accept been disturbing to advance their drive throughout the accomplished 12 hours or so
The affairs burden faced aloft $16,000 hasn’t been too intense, but bulls’ crumbling backbone has acquired it to bead beneath this level.
Buyers are agilely attempting to about-face this downwards drive and authority it aloft this key level, but it does assume as admitting downside could be imminent.
One banker explained in a contempo cheep that the cryptocurrency appears to be overbought at the moment, with its Ichimoku Cloud abutment currently sitting at aloof over $13,000. This could beggarly a abatement to this akin is imminent.
Bitcoin Struggles to Hold $16,000 as Selling Pressure Mounts
At the time of writing, Bitcoin is trading bottomward aloof over 2% at its accepted amount of $16,000. The abutment actuality has been captivation throughout the morning, but it does arise that a breach beneath it could appear about at any point.
Where it trends in the near-term will depend abundantly on whether or not it can abide captivation this acute level.
If it dives beneath it, BTC could see an arrival of affairs burden that helps mark $16,500 as a bounded high.
Indicator Suggests BTC Could See Further Losses
While administration his thoughts on the cryptocurrency, one banker noted that it is assuming signs of actuality overbought, with its Ichimoku Cloud abutment currently sitting about $13,300.
This could beggarly that a abatement to the clamminess in this amount arena is approaching in the near-term.
Where Bitcoin trends in the advancing few canicule should accommodate some acumen into whether this is a accurate possibility, as a abiding breach beneath $16,000 would be a austere development.
