Dear Readers,
We are continuously witnessing the blood bath in the crypto markets for a while.
While we witness sustained fear on the markets and with our investments, the sharp fall of BTC price to a low of $58890 added to the fuel.
But it has been raised sharply above the level of 60000$ and trying to consolidate and trade above its support level of 60700$ mark!
The well known crypto market intelligence Platform Santiment also remarked this as a highest social volume and termed as the word bottom which we have already covered in our previous article with the BTC heatmap analysis as well.
But with the following chart of BTC price, we can also understand that there is no buyers at the lower wick which is a positive sign for the BTC to move upwards and it is consolidating hard to trade above its support zone at >60700 $. Let's watch this so sharp.
If it sustains above, it may go to the $ 65000 and if fails it will go < 58500.
If it touchs <58500, there will be again going to be worse.
The other scenario is that some BTC holders sold BTC and wait to invest in the ETH ETF once its start to trade. If ETH ETF started to trade, there will a possible inflow of huge investment coming to the cryptomarket which pushes the prices of ETH and other alt coins.
In the case of BTC, until this time, it will move sideways- not to panic will not going to fall dramatically.
But the monthly close price of the BTC is very important as well.
The whales are also wanting in the lower price to dump BTC as well. They are moving towards the future markets and do their trade.
So all the small investors are trying to bottom fish the BTC at its lower price at this point in time .
Let's wait and watch the crypto movements!
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