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Is There an Opportunity for an Uptrend While the Bitcoin Price Is Showing a Downward Trend?


According to the data, the price of Bitcoin (BTC) is making it low which can make the coin even lower if this condition is met.

The price of Bitcoin (BTC) continued to move forward without showing any noticeable changes at the end of the year. And even though things have calmed down in the cryptocurrency market, the impact of FTX’s failure is still being felt across the industry.

Will the price of Bitcoin (BTC) fall? According to a crypto trading analyst, who goes by Rekt Capital on Twitter, said that the Bearish Engulfing (BE) candle is forming on the yearly chart of Bitcoin.

However, for the formation of BE to be fully supported, BTC would have to make close to $14,000 per year to support damages. Before this time, bearish lamps cannot be created.

Is Crypto Facing Another Selling Pressure? In another important development, a broad analysis into the net number of crypto exchanges and historical indicators shows several important concepts. According to the data, the net worth will eventually change dramatically as it approaches zero. This results in fewer buyers and more sellers. It is likely that at the same time as it turns well, there will be a high number of areas, followed by an increase in sales in the future. This can cause the failure to continue and the current support is lost.

As it is, the price of Bitcoin (BTC) is currently trading at $16,592. This represents an increase of 0.39% on the day, compared to a decrease of 1.54% on the week according to the crypto market CoinMarketCap.

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