"Investors must be nervous, the halving is approaching but it is still not certain whether the price will go up or down."
The price of cryptocurrency king Bitcoin (BTC) plunged to $59,709 in the morning trading session of the United States (US) on Wednesday yesterday which was the weakest level since the beginning of March 2024.
However, BTC recovered slightly as the spot market order book for BTC/USDT on Binance saw bids clustered below $60,000 indicating strong demand below that level that could stop further price declines in the short term.
According to Joel Kruger, a market strategist at LMAX Group, the behavior of BTC investors at the moment could cause the weakness of the crypto market to continue for a while as large investors have not started buying even though the price is currently in decline.
The latest blockchain data also shows that large holders of BTC are still holding back from buying any of the digital asset, so here it can be seen that the price could do some more weakness or consolidation before going back up, Kruger commented further.
He further added that the $59,000 level is an important technical level for investors to watch as it is a significant support zone where the price of BTC bounces twice until March 2024.
If BTC can hold on to that level, its price could continue to rise up to $100,000 but if it fails then the digital asset could see significant downward pressure to $59,000 or even lower between $45,000 and $50,000.
As of this writing, BTC price has plunged by 3.65% at $61,419 in the last 24 hours with a market capitalization of over $1 trillion and has recorded a 13.06% decline over the past week.
