Will The Decline In The Price of Bitcoin (BTC) Continue?
The bull run, predicted for a brief period by those looking for short-term profits, paused today. Bitcoin has fallen by 3% in the last 24 hours. The benchmark leading cryptocurrency fell almost 1.5 per cent to $ 19,385 ahead of the New York opening, suggesting investors are securing gains at local highs. BTC was trading at $ 18,900 at the time of writing, according to CoinMarketCap data.
The modest sense of selling came after Bitcoin set a new record of $ 19,873. But traders who think they will be bullish outnumber those who are bearish. Therefore, they caught the price just below the $ 19,000 limit, preventing a serious decline. The Bulls are currently fighting to exceed $ 19,000.
It Should Rise Above $ 19,200
Analyst Josh Rager said Bitcoin’s price should rise above $ 19,200. In a statement shared with his followers via Telegram, Rager said::
“We can track BTC from $ 18,500 to $ 18,600. I’m not a fan of the constant retesting of that area. The price should rise above $ 19,200. Until then, it is being squeezed until another major expansion.”
Popular analyst Crypto Michael tweeted that he still expects a correction in Bitcoin.