Losing Dominance, Is Bitcoin More Critical? - Kakiforex.com - Financial Market Media No. 1 in the World Losing Dominance, Is Bitcoin More Critical? Losing Dominance, Is Bitcoin More Critical?

May 24, 2021

Losing Dominance, Is Bitcoin More Critical?

 The crypto market continues to make declines to lower price levels wiping out the profits of most large investors as well as anchovy investors in particular who have made Bitcoin purchases above the $ 40,000 price level.

After being driven by purchases from several leading companies, the ray of hope for Bitcoin rising again continues to gloom.

This is because there was a huge sale transaction of 10,000 BTC ($ 1 Billion +) transferred from the ‘unknown wallet’ to the Bitfinex platform as shared on the Twitter tweet Whale Alert.

🚨 🚨 🚨 10,000 #BTC (383,059,334 USD) transferred from unknown wallet to #Bitfinexhttps: //t.co/ddTM78HAhA

- Whale Alert (@whale_alert) May 22, 2021

As can be seen on the BTC/USDT price movement chart, the sales made continued to push the BTC price to a lower decline again testing the support level recorded this year at the $ 30,000 zone before closing the weekly trade around $ 35,000.

As usual, if the ‘mother’ of all these cryptocurrencies continues to maintain a downward trend then other cryptocurrencies will definitely follow a downward pattern to lower levels.

The next expectation is that BTC will continue its downward trend to re -test the support level around the $ 30,000 price that was reached in last week's trading.

The lowest support level of $ 20,000 will also be the main focus for large investors to be used as the best price level to support the rebound. The level is also the all -time altitude (ATH) level ever recorded as of 2017.

If the BTC price movement rises again, the SBR (support become resistance) level around $ 40,000 will be tested and become a benchmark for the direction of the next price movement.

If the BTC price surge continues, the $ 50,000 price level will be the next focus to be tested and be a clearer signal for a trend change.

As of 11.00 am local time, the price of Bitcoin made a slight increase of around 3% to be projected around the price of $ 35,000.