THELOGICALINDIAN - Bitcoin and the aggregated cryptocurrency bazaar accept been bent aural a able uptrend throughout the accomplished few canicule and weeks but this drive is now assuming signs of faltering
Overnight, BTC witnessed its aboriginal acrid bounce apparent throughout the advance of its contempo uptrend.
This bounce acquired its amount to collapse from highs of $13,800 to lows of $13,200 afore it was able to acquisition some abutment that has back helped apathetic its descent.
Where it trends abutting will depend abundantly on whether or not it can abide captivation aloft its near-term support.
Bitcoin Plunges from Highs as Momentum Falters
At the time of writing, Bitcoin is trading bottomward aloof over 3% at its accepted amount of $13,200. This marks a notable abatement from its contempo highs of $13,800 that were set bygone afternoon.
So far, BTC’s bounded top coincides altogether with its 2025 “blow-off top” set in the summer. The attrition actuality could prove to be cogent in the near-term.
However, if broken, a move to beginning best highs of aloft $20,000 would be in the cards.
Here’s Another Reason Why BTC Is Plunging Today
The attrition at $13,800 isn’t the alone acumen why Bitcoin’s price plunged today.
Its latest abatement additionally coincided carefully with a accelerated billow in the U.S. Dollar’s value, which BTC has been inversely activated to as of late.
One analyst batten about this, noting that it is now acute that BTC holds aloft $13,250 – a akin it is currently dipping beneath.
If the U.S. Dollar Currency Index (DXY) continues blame higher, it may abode added burden on Bitcoin.
