Bitcoin following a notable price slash has smashed the lower strong support where-in the buyers try to accumulate while the bears do not seem to back-off. The selling volume is getting accumulated and eased over time without leaving room for the buying volume to get intensified. However, currently both the possibilities of the BTC price ranging high to hit $40,000 and also an intensified plunge dragging the price close to $30,000 is witnessed.
Currently, the price is near the major support zones and the strong daily support zones. And hence expecting a local pump towards the upper targets and resistance. Now when the market is extremely bearish and the price is dumping hard to test the support levels, a breakdown is extremely likely.
Once the lower support is broken down, the price may dump towards the lower support which is around the danger zone in between $33K to $30k.
Bitcoin price after breaking the crucial $40,000 support zone earlier, was on its way to rebound firmly and gain the previous positions soon. However, the price continued to accumulate huge bearish candles and currently heading towards the local support in between $35,500 and $35,700. This may be the crucial phase for the BTC price as the trend may be open for either of the movements.
The price may eventually rise high to hit the upper immediate resistance close to $40,000 or else plunge down to retest the lower support around $32,000. No doubt a strong influx of volume may uplift the Bitcoin price to some extent, yet another leg down influenced by a strong sell-off may hinder the rally. The plunge that could occur then may drag the price much below the support very close to $30,000 to mark the lower levels of the cycle.
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