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Assessing if Bitcoin’s [BTC] worst sell-off is about to come
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Bitcoin [BTC], the largest cryptocurrency, continues to struggle around the $21k line. At press time, BTC suffered a fresh 5% correction as it traded at $21.1k. Well, this is the first half of the story.
The second half of this story narrates a different picture. Herein, the $20k level has created ‘extreme demand’ for BTC, thereby, creating new support levels.
The latest Week OnChain Newsletter published by analytical firm Glassnode discussed shifting momentum as the worst of the sell-offs could be concluded. However, the market still needed time to heal those ‘wounds.’
<p lang=«en» dir=«ltr» xml:lang=«en»>#Bitcoin has attempted to escape the gravity of the $20k zone in a long awaited relief rally.Momentum in the short term is favorable, however longer-term indicators suggest additional time may be required to form a firm foundation.
Read our analysis
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