Bitcoin Needs to Reclaim This MAJOR Level To Avoid Further Bloodshed

Bitcoin by Sal Miah  | 2 weeks ago
Bitcoin, TA, BTC
2 min read

Bitcoin lost almost $2,000 in value in less than one day. The loss was expected by some; however, it was still surprising.

Now, Bitcoin risks diving even lower based on its trend.

The market must be prepared for price reclamation or risk prices of less than $7,000 in the coming days.

Currently valued at $8,400, Bitcoin is struggling to reclaim some of the value it suddenly lost. Bitcoin has maintained a value of over $8,400 for the better part of the day.

This is a reliable indicator that the market may, at the least, sustain its value above $8,400 in the coming days. However, the ideal scenario would be a price reclamation of at least $300 to improve the moving average.

Bottom To Arrive Soon?

The market is also preparing itself for a predicted bottom.

A continued downward trend in the price of Bitcoin would inform specific actions by the market as it hits set price points. As in the chart above, various price points have been set by the trader. They are matched with the expected market move at those price points.

The set price points show an optimistic market that is awaiting a bull run in future.

However, for the bull run to be realized, a bottom must be achieved.

Despite the optimism, the market remains realistic, analyzing every possible move that may result from a downward or an upward price adjustment of the cryptocurrency.

The bloodshed may not be over for traders. If Bitcoin is to bottom, there is a possibility that its support may be below $7,000. However, it may rise stronger from that point and probably regain most of its lost thousands.

The coming days will be crucial for the future of Bitcoin.

 

Featured Image Source: Pixabay (geralt)