Bitcoin Will Not Go Down Below $28,000, Asserts On-Chain Analyst

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A strong downside correction in the Bitcoin market seen earlier this week is threatening to become a full-fledged bear trend as BTC/USD struggles to move past certain technical resistances. Many traders agree that the pair could continue its move lower, forming a potential Head and Shoulder pattern, a bearish reversal structure. As Bitcoinist covered here, the pattern’s technical downside target is below $20,000, a move that would take Bitcoin down by more than 50 percent from its record high near $42,000 established on January 8. Bitcoin struggles to move past $35,000. Source: BTCUSD on TradingView.com Other potential bearish indicators come from the macroeconomic landscape. The brighter US growth prospects challenged assumptions about a longer US dollar bear market. After finishing 2020 down by 6.76 percent, the greenback recovered by 1.2 percent in the first week of 2021, forcing analysts to rethink their long-term bearish bias. That stopped the Bitcoin bull…

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