Bitcoin analysis what do you think guys ❤️😍
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- Bitcoin has broken below the $30,000 level seen as a critical level of technical support.
- Sentiment in the broader crypto segment is broken with risks tilted to the downside.
- We expect volatility to continue with Bitcoin facing similar headwinds as all risk assets.
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The crypto market selloff this year has brought a whole new meaning to the "hold on for dear life" mantra. There's a sense that the volatility here with Bitcoin (BTC-USD) down nearly 60% from its all-time high is different compared to the typical bruises weathered in the past. Trading down to its lowest level since Q4 2020, any purchase of BTC or nearly any other major cryptocurrency in the period is now underwater.
It's true the price of Bitcoin is still up over the last several years and that many of the long-term bullish factors are still in play. That said, the reality is that everything from the chart, market sentiment, and macro fundamentals are broken right now. We don't see a quick turnaround and the expectation here is for continued volatility with risks tilted for further downside.
Source : SAMAH
