The bloody red sea continues to plague the cryptocurrency market which is currently a nuisance to crypto investors. Will the tragedy of the price drop in 2017 be repeated?
Recently, JP Morgan has also issued a statement that most large institutional investors have sold their Bitcoin and switched to the gold market. His statement was issued after the price of Bitcoin plunged to the $ 30,000 price level and saw the gold market continue to make gains.
There are also various factors that have influenced the crypto market to continue to decline and cause most retail investors to be ‘stuck’ and stuck at high price levels.
The decline made by the ‘mother’ of all these cryptocurrencies has also prompted most other cryptocurrencies to join in making the plunge to its lowest level this year.
The fall by Bitcoin yesterday saw the price movement on the BTC/USDT chart past the SBR (support become resistance) level around the $ 40,000 level before closing yesterday's trade around the $ 37,000 price level.
Continuing the market movement today, it can be seen Bitcoin is trying to make a slight rise and test the $ 40,000 price level. If the price continues to rise, the $ 50,000 price level will be the main focus to break.
However, if the Bitcoin price continues to maintain a bearish pattern, the $ 25,000 price level will be the determining point whether it will return to make a rise or will test the high level that was reached in 2017 around the $ 20,000 price.
As of 2.30pm local time, the price of Bitcoin has made an increase of more than 10% to around the $ 40,000 price level.
