THELOGICALINDIAN - Bitcoin has done a abounding 180degree about-face with the cryptocurrencys antecedent upwards drive now aspersing as bears aim at sending it decidedly lower
The affairs burden apparent as a aftereffect of the bounce at $19,500 is assuredly what sparked this movement, but a brace of added factors accept perpetuated it.
Recent comments from the U.S. Treasury Secretary apropos a crackdown on clandestine crypto wallets abashed investors and acquired the crypto to see a abrupt arrival of sell-side pressure.
Furthermore, OKEx reopening withdraws has additionally coincided with this dip, signaling that their users are possibly demography profits off the table.
Bitcoin Shows Signs of Weakness as It Breaks $17,000
At the time of writing, Bitcoin is trading bottomward aloof over 1% at its accepted amount of $16,900. This is about the amount at which it has been trading throughout the accomplished day.
The abutment ahead captivation BTC aloft $17,000 appears to be evaporating, which could be a assurance that downside is approaching in the near-term.
If this akin flips into resistance, it may put Bitcoin’s amount activity durably in bulls’ control.
Analyst Claims Move to $13,000 Could Be Imminent
While administration his thoughts on Bitcoin’s amount action, one banker explained that a move appear $13,000 could be approaching in the near-term.
He addendum that it may aboriginal consolidate aloft its account abutment about $16,200, with this akin eventually breaking and aperture the gates for an alike beyond move lower.
Over the advancing few days, Bitcoin’s amount activity should accommodate austere insights into the aggregated market’s angle in the canicule and weeks ahead.
