Growing worries among analysts over the falling of BTC below $10K
Bitcoin has concerned the analysts by dropping to $11K last week after touch $12K for a few seconds.
We are observing really harsh times for Bitcoin and its hodlers. After peaking at $12,000 for only a few seconds, BTC stepped into the bearish territory and gradually falling below $11K last week (roughly 10,800) and this drop was, even more, severe today ($500).
It’s worrisome for the future of crypto when the world’s number one crypto by market cap experiences a sharp decrease. If it drops beneath $10K, the viscous bearish trend may last forever or takes ages to stop according to analysts.
As Joe DiPasquale puts it, we should keep Bitcoin price above 10K if we wish to avoid a long bearish trend. The manager of Bit Bull Capital believes the last defense zone for BTC is from 10K to 10.5K if we wish to keep the bearish trend at bay.
Among this disappointing news, there’s a bit of good news and that says the bitcoin price drop might have been due to bitcoin futures’ open trading gap via CME Group in Chicago. Such open trading gaps would cut an asset’s price a little down approximately around 90% of the time.
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