The retracement to the $29K zone has jeopardized the much-anticipated Bitcoin (BTC) recovery as scepticism engulfs the market.
Collin Howe and Adam Farthing of crypto liquidity platform B2C2 commented:
“Without a catalyst to the upside, current sentiment is likely to keep prices rangebound, with some clear and immediate risk of a break lower.”
The retracement might have been sparked by the significant resistance between the $31,400 and $32,500 levels. Data analytic firm IntoTheBlock explained:
“On the resistance side, it appears that there isn't significant selling pressure above $32.5K BTC is currently sitting at a key level, as 371K addresses previously bought 220K BTC between $31.4K and $32.5K, breaking above this level could lead BTC towards $36K.”
Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, recently acknowledged that the $30K zone was emerging as an inflexion point in the Bitcoin market. However, the Federal Reserve’s continued interest rate hike...
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