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Tuesday, August 9, 2022

Bitcoin Price Drops To $27K Amidst A Bearish Scenario

Analysts have stated that the price of Bitcoin can plunge to a low of $27,000 amidst a probable bearish scenario which has the potential of creating panic inside the market of altcoins. The analysts believe that if the BTC price falls lower than the support area of $30,000 the Bitcoin price will plunge to $27,000 amidst a probable bearish scenario. The potential plunge to $27,000 seems conditional if the BTC price breaks down lower than $30,500, the mark from where the cryptocurrency bounced from the previous week on 11th January.

Details About The Bitcoin Short-Term Bottom

There are primarily three technical key levels for Bitcoin: $27,000,$30,500, and $34,500.Throughout the last 72 hours,$34,500 is the mark that is acting as the important support area for the cryptocurrency. Every time, the value of BTC plunged to this mark, BTC recovered quickly to roughly $36,300.If the value goes through $34,500,$30,500 remains as the next critical support level.$30,500 is the mark from where BTC recovered on 11th January through a big correction, when futures contracts worth $2 billion got liquidated.

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Alex, one pseudo-anonymous trader stated that if BTC plunges below $30,000 along with no visible reaction of the buyer, the cryptocurrency will have to wither wait for the mark of $27,000 or move beyond $30,000.Mayne, another pseudo-anonymous trader stated that losing the mark of $33,000 would most probably get a result of $27,000.If Bitcoin plunges to the mark of $27,000, the altcoins would probably get obliterated along with at least 30% – 50% corrections.

Altcoins are normally less liquid, having much lesser volume than BTC. Therefore, during any bear cycle, the altcoins always witness a much steeper pullback than BTC.So far, BTC is gradually recovering from $34,500, which is a critical support level, this is the only positive trend for the cryptocurrency.

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