Today, the whole world is going through a very difficult time. Not only the cryptocurrency markets, but the entire financial markets are in a fever, and this will continue for some time to come. But today the market has reversed to the opposite direction giving the market optimism and some hope for the bright future.
BTC is down to $30K
Bitcoin has started to decline, especially after the consecutive negative news in the cryptocurrency markets. The fall of Bitcoin affected all cryptocurrencies, and sales began. This will continue.
In the futures markets (CME), the price gap between $23550 and $26650 per BTC needs to be filled. If this price gap is not filled, more collapses lie ahead. Filling this price gap in this time period will be useful and will change its direction up.
Bitcoin is heading down a dangerous path where it could fall below $30,000, and retest lower levels, which doesn’t bode well for the rest of the crypto market. It’s time to either abandon Bitcoin as the number one cryptocurrency, or fully commit to it.
So that’s where we are today. Bitcoin is now dangerously close to breaking the $30,000 level, and the cryptocurrency market will not abandon it, but follow it.
Bitcoin will need to follow the market and hold above the $33,000 resistance mark to prepare for another drop in the event of a stock market crash. What now looks more likely, the S&P 500 is up about 1.4%, having cut about 1% of its losses last Friday. Bitcoin, however, has not done so. Instead, Bitcoin is down by about 12%.
And so, what to expect
The current price of Bitcoin is $31,369. 45, and the question arises about what we should do now, when we are in the danger zone?
This is a hard question to answer as, to be honest, it looks pretty grim. The stock market is up almost 1.4%, and Bitcoin is down about 12%, which is very worrying for many. It is clear that the stock market and Bitcoin do not work in tandem, and this may be a good thing, but when the stock market soars like yesterday, the crypto market should not fall, even in the slightest. Bitcoin has lost about 3.5% in the last hour alone.
Large resistance levels are pushing Bitcoin lower and lower. In its current state, if it broke through $30,000, it would need to test new lows. These new lows will just be the old highs, and this is what all of us know. However, you should not touch these levels. Bitcoin has broken through the $ 20,000 to $ 29,000 levels, and it can’t test them because it would disrupt the market structure, stop Bitcoin (along with the rest of the crypto market) from going back months, if not years.
But today it seems that the breaking point has come. In just one night, the BTC has increased by 4,000 USD, which has caused the long-awaited optimistic sentiment in the market.
Source: https://news.bit.team/bitcoin-is-this-nightmare-over-now-it-seems-so/