Bitcoin is weak, decline threatens
A big new drop is imminent if Bitcoin is as weak as it is now.
Last week was a good week for BTC. The most famous cryptocurrency in the world rose for a number of days, so that the coin appeared to be in a bit of a stronger position. Then it is essential to persevere and rise further in order to build a foundation. Just don’t let that be the case.
Bitcoin shows to be weak and failed to hold at all after rising to $22,000. The currency fell further over the weekend to a level of just over $20,000. If this level is lost again it is looking at the old bottom. That bottom was reached on June 18 at a price of around $17,800 on Coindesk.
It’s not that far yet. However, because the position is weak, Bitcoin can quickly move in that direction. It is important for the cryptocurrency to find more buyers than sellers in order to rise. If the latter is not the case, there is a risk that bottoms will be sought. And then even new bottoms can be reached that we have not yet seen in 2022.
