Bitcoin Is On Track For Its Ninth Consecutive Weekly Red Candle.

Bitcoin appears to be trading at a tipping point, with its future reliant on its ability to maintain the $29,000 support level.

The flagship cryptocurrency, Bitcoin, is in a deep fall as it seeks support.

Bitcoin is about to set a new weekly record by closing its ninth consecutive red candle. Since March 28, the flagship cryptocurrency has lost about 22,800 points in market value, falling from a high of $48,222 to a low of $25,365. Despite the hefty losses, BTC remains weak.

Terra’s LUNA and UST death spiral has done too much harm to investors’ confidence to overcome. Despite the fact that Terraform Labs successfully airdropped fresh LUNA tokens to existing LUNA and UST holders, it did little to boost market sentiment.

The Fear and Greed Index is at an all-time low, yet trading volumes across the board remain low.

Indeed, Bitcoin appears to be in peril, with investors seemingly uninterested. $29,000 has held as support for nine weeks, but if BTC loses such a critical foothold, a 22% drop into the 200-week moving average at about $22,300 is likely.

The extent of Bitcoin’s losses over the last nine weeks makes it logical to believe that it has hit oversold levels. If this is the case, BTC must recoup $31,000 in support as quickly as possible in order to entice investors back into the market. Overcoming such a challenging barrier may trigger a surge in buying pressure, pushing prices toward $34,700.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

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