Is Bitcoin Price Heading to Low $3,000? Traders Expect Short-Term Downtrend

On January 11, the crypto market experienced an intense sell-off as the Bitcoin price dropped below the $3,600 mark and major digital assets recorded drops in the range of 10 to 15 percent. Following a drop in the price of BTC from $4,036 to $3,503, traders expect the dominant cryptocurrency to fall below key support levels in the low $3,000 region, possibly below $3,300. Crypto Winter Not Over In mid-December, prior to Christmas Eve, many investors in the cryptocurrency market demonstrated renewed optimism toward a short-term trend reversal of Bitcoin and other major cryptocurrencies due to the strong recovery of BTC from its 12-month low at $3,122. From December 17 to 20, the Bitcoin price increased from $3,181 to $4,172, by more than 31 percent within a three-day span. But, at the time, an FX hedge fund CEO Su Zhu said that buy walls on leading fiat-to-crypto exchanges in the…

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