No sooner had the Bitcoin price risen above $27,000, than the bears became extremely active and slashed the price below those levels. The rising adoption of new tokens like PEPE, and BRC-20 tokens has compelled major tokens like Bitcoin or Ethereum to hover in a sluggish trend. Currently, the BTC price has plunged back below the crucial support, which has raised many concerns among the market participants.
As the prices dropped back below $27,000, a sense of fear prevailed among the traders, who believed a fair descending trend may be on the horizon. As per a popular on-chain platform, Santiment, Bitcoin’s social volume has spiked extremely high as traders are discussing the price to maintain a sloppy trend ahead.
“With Bitcoin revisiting the $26K level, traders are showing increased worries of prices falling back to the $20K to $25K range. BTC’s social dominance has jumped high again, typically a sign of fear. Fear signals increase the probability of a rebound,”
The BTC price failed to hold the major support levels between $27,000 and $27,200, and hence now it becomes mandatory to hold the next support zone. If the price fails to hold around these levels, a popular analyst Michael van de Poppe predicts a clean sweep towards $25,000 may be imminent.
Collectively, the Bitcoin price continues to maintain a sluggish trend throughout the coming weekend, which may drive the prices extremely lower. Although the BTC price may maintain a steep downswing, the primitive tokens are expected to maintain a notable upswing Hence, the altcoins are believed to maintain a decent surge regardless of Bitcoin price.
Source: https://coinpedia.org/price-analysis/traders-short-on-bitcoin-here-are-the-levels-closely-to-watch-for-the-btc-price-this-weekend/