A widely followed crypto analyst is warning that Bitcoin (BTC) is about to sink lower after losing the $30,000 price level.
DataDash host Nicholas Merten tells are 511,000 YouTube subscribers that more market participants want to sell BTC than buy – a trend that will drive down the price of the king crypto.
“We’re still dealing with stagnation around $30,000 here, and week after week we’re proving that this is a distribution range, a range on the supply side for price rather than a demand side.
Essentially, there are more people looking to relieve positions than actually buy positions, and that pressure on the sell side of the market order is causing prices to stagnate again, as they did in April.
According to the analyst, closing BTC this week below its current support level would be confirmation that another downturn is approaching for the king crypto.
“If we close just a few hundred dollars below where Bitcoin is today this week, we will get that red flip, and I would say if we get red confirmation here for about two weeks, it will give us ample opportunity to close a short position. in the price of Bitcoin.
It’s not about getting the absolute bottom or the top of these plays; it’s about waiting for the vital signs that show the trend is ready to reverse…
And it’s not just Bitcoin here. I’m not here to bash crypto. It is what it is; we need to understand what’s going on here from a macro perspective, because if asset markets aren’t ready to start another bull run, we need to be protective… And unfortunately for the bulls, the weakness of the past few months here has been enough evidence that we are ready to move to the downside.
BTC is worth $29,675 at the time of writing, up 2.8% in the last 24 hours.
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