Bitcoin has been moving sideways around its current levels with no clear direction on lower timeframes. The cryptocurrency has experienced its worst-selling pressure in years but has held firmly around its 2017 all-time high.
Related Reading | Crypto Trading Volumes In India Sink Due To Heavy Taxation, What’s Ahead?
At the time of writing, Bitcoin trades at $20,140 with a 4% profit in the last 24 hours. The general sentiment in the market has been turning more positive, as NewsBTC reported yesterday, as the Crypto Fear and Greed Index climbs back from Extreme Fear levels.
BTC moving sideways on the 4-hour chart. Source: BTCUSD Tradingview
According to Senior Commodity Strategist Mike McGlone, Bitcoin and the crypto market are near their 2018 drawdown levels. At that time, the nascent asset class experienced a similar bearish trend which pushed BTC’s price to a 75% loss from its ATH.
At that time, the $3,000 price point became a major bottom which saw a period of accumulation extending for multiple years. In 2020, when global markets were in tu ..
Support the originator by clicking the read the rest link below.
