Bitcoin price seems to be stable above $3300 from the past couple of days amidst the crypto winters. The momentum is however quite bearish as a major bear attack is being predicted if bitcoin breaks the key support at $3000. The price will likely fall towards $2500 range and then to $2000 if the current support is broken. Also, the resistance around $3500 to $3600 is proving to be quite strong to let the price move above this range. The selling pressure is too much for the bulls to take action. In the midst of the bear market, large bitcoin whales are waiting for the right time to sell their holdings in order to avoid further losses and gain profits when the price slides down.
In the last 24 hours, more than 20,000 Bitcoin was transferred to Bitfinex Exchange from different wallets in large transactions. The details of the transactions are as follows:
The cryptocurrency market is still under the control of bears and the downward slide is still continuing. The total market capitalization struggling to maintain its position above $110 billion. Analysts are predicting the bear market to go on for months which could prove to be hazardous for the price of bitcoin. Bitcoin may even fall below the $2000 range as predicted by some analyst. However, if you are a trader or an investor, you should do you own research and analysis before investing or trading in any digital assets such as bitcoin.
The following article is not a financial advice. You are advised to do proper research before making any investment decisions in the cryptocurrency market.