Before the last day of the week, Bitcoin still faces a challenge when the price of the cryptocurrency fell back to a 19 -day low of $ 31,000. Not only that, other crypto assets also faced the same fate with Ethereum (ETH) well under $ 2,000, DOGE under $ 0.20, and Solana losing 8% in price in a day.
Since Monday, BTC has failed to break the $ 35,000 ‘minor resistance’. Every day, the price of BTC continues to decline and has now fallen by more than $ 2,000.
The situation worsened when the last attempt to cross the $ 34,000 price level met with failure. This time the BTC price fell below the $ 32,000 level.
At the time of writing the price of Bitcoin (BTC) has fallen 4.62% in 7 days to a price level of $ 31,920.16 per Bitcoin with a market capitalization of $ 597 billion.
Recently Rich Ross, technical strategist at Evercore ISI said that the chart shows that the BTC is getting weaker and there is no strong support either from ‘volume’ or sentiment. It should be noted that the first resistance is at $ 36,000 and the first support is $ 33,000 followed by $ 30,000 as the next. If Bitcoin breaks the $ 30,000 support, we could see it heading to the $ 22,000 price level or even lower.
A handful of traders have begun to lose confidence with negative sentiment coming in droves. Therefore, it is advisable to remain careful in trading.
