The drop in cryptocurrency prices comes as equity markets tumble after Russia launched a military attack on Ukraine. More than $150 billion has been wiped off the entire cryptocurrency market in the last 24 hours.
Bitcoin Price Analysis
Bitcoin fell to a one-month low on Thursday with other cryptocurrencies including ether plunged. Bitcoin attempted to move upwards on Feb 23, but was quickly rejected and fell sharply. The dip continued on Feb 24 and BTC broke down from the $36,600 horizontal support area.
Bitcoin price faced sellers near the $39,250 level. BTC started a strong decline and broke many supports near the $35,000 level. Despite the minor signs of recovery after plunging to $34k the risk to a move towards $33,500 Still hovers.
In case of an uptrend, the BTC price might face resistance near the $36,500 level. On a successful breakout, the next key resistance is near the $37,500 level, and the rally might take the price above $38k
BTC Price Downfall Inevitable
Bitcoin traders should be aware that the crypto expert who correctly predicted the 2018 bear market bottom is issuing a warning, claiming that BTC is at risk of breaching support at $30,000.
Bitcoin’s recent run from the lows of $33,000 on January 24th to the highs of $45,000 on February 10th, according to pseudonymous analyst Smart Contractor, appears to be a big bull trap to his 205,100 Twitter followers.
He says because BTC was unable to sustain the 0.618 [Fibonacci level], it appears that the downtrend break was a botched bull trap. At this point, it appears that a test and possibly a sweep of $28,000 support is unavoidable.
Smart Contracter projected a significant Bitcoin decline down to roughly $25,000 in December, when Bitcoin was trading around $50,000.
Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-decline-to-28k-is-inevitable/