DANGER ahead for bitcoin
After pushing higher for the past 3 month, there is a lot of factors that favor the slow down of the BTC bullish drive.
- It is nearing a key technical level, the level to which bitcoin retraced after losing about 70% in 2018
- You have a lot of buyers who held bitcoin when it lost more than 100% of its value, for a lot of them, this is a good level to sell and break even.
- Fundamentally there is the G-20 summit this week end which will see global leaders attempt to ease trade tensions and renew confidence in the global economy.
- since the market has to push higher even about 30000 level by end of this year, we see a lot of people selling to re enter at a lower level.
- It is nearing a key technical level, the level to which bitcoin retraced after losing about 70% in 2018
- You have a lot of buyers who held bitcoin when it lost more than 100% of its value, for a lot of them, this is a good level to sell and break even.
- Fundamentally there is the G-20 summit this week end which will see global leaders attempt to ease trade tensions and renew confidence in the global economy.
- since the market has to push higher even about 30000 level by end of this year, we see a lot of people selling to re enter at a lower level.
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