$BTC SHORT-TERM UPDATE
As we expected, BTC got rejected from that resistance zone and started moving down, but it still hasn’t confirmed a full breakdown yet.
Right now, the price is sitting just above support and trying to hold. You can see buyers are still reacting here, so this level is important.
As long as this support holds, there’s still a chance for a bounce.
But overall, the structure is weak, and pressure is building on the downside.
#Bitcoin
https://i.redd.it/o3ea5pbfypsg1.png
Posted by Cryptorphic
1 Comment
It’s sustainable all the way to structural failure levels because the high leverage and derivatives market is almost entirely what pulls the price around… Longs will remain completely unfazed all the way down to around 30k and around people will be talking about make or break for a number of reasons… A break of 30k while BTC.d falls into a gap down range due to rapid increases of stablecoins over this year will cause money to rotate into alts as people realized projects became extremely undervalued due to the influence of BTC… But as they decouple it will allow a secular bull market for projects that generate plenty of revenue and real world use cases while BTC dies off naturally like a failing altcoin.