Bitcoin (BTC), the price of digital currency, is currently on a downward trend. The broader ecosystem has also taken a bearish turn. Bitcoin has fallen 5.09% as of the writing date, despite the apparent bullish fundamentals surrounding the market.
Bitcoin (BTC), price slump: opportunity in disguise
Bitcoin’s price is rapidly losing its gains. It has been pegged at $36,774.80 for the second week in a row, breaking the support zone of $36,000. CrediBULL crypto, a leading market analyst, believes that despite the potential negative effects of this price drop, there is still room for accumulation.
CrediBULL Crypto, based on its previous analysis, has always predicted an imminent retest at the local bottom. At the $34,600 level. Although the downward spiral is not yet at this level, the underlying thesis of the forecast has been confirmed with the current outlook.
According to the analyst most of the profit taking is systemic, and can be traced directly back to long positions which have built up heavily in the last few days. In a video, he revealed that short sellers are being squeezed out of market and a pullback is imminent.