Bitcoin Market Alarms are Ringing

Famous cryptocurrency analyst DonAlt warned investors that Bitcoin’s (BTC) current correction could continue. The analyst expressed that if Bitcoin stays below a certain critical level, bears could dominate the market for months. Critical Levels are Being Determined DonAlt stated that it will be difficult for the upward momentum if Bitcoin remains below the level between 71,000 to 73,000 dollars, which is marked with a red box by the analyst. He also emphasized that being above or below another important level of 68,500 dollars will determine the short-term market direction. The analyst also added that technical indicators indicate a downward trend. Bitcoin lost 2.84% in the last 24 hours trading at 62,526 dollars and the nearest support level was 62,000 dollars. He expressed that if this level is breached, more downsides could be experienced. DonAlt also said that current market conditions are risky for Bitcoin bulls who trade on leverage and […]

Bitcoin Market Alarms are Ringing

Famous cryptocurrency analyst DonAlt warned investors that Bitcoin’s (BTC) current correction could continue. The analyst expressed that if Bitcoin stays below a certain critical level, bears could dominate the market for months.

Critical Levels are Being Determined

DonAlt stated that it will be difficult for the upward momentum if Bitcoin remains below the level between 71,000 to 73,000 dollars, which is marked with a red box by the analyst. He also emphasized that being above or below another important level of 68,500 dollars will determine the short-term market direction.

The analyst also added that technical indicators indicate a downward trend. Bitcoin lost 2.84% in the last 24 hours trading at 62,526 dollars and the nearest support level was 62,000 dollars. He expressed that if this level is breached, more downsides could be experienced.

DonAlt also said that current market conditions are risky for Bitcoin bulls who trade on leverage and aggressive purchases can lead to losses.

Spot ETF Investors at Risk

Referring to investors who invest in Bitcoin through spot exchange-traded funds (ETFs) and are not tolerant of high volatility, the analyst mentioned that selling by these investors could deepen the downturn.

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