Bitcoin has been bleeding for the last 48 hours. The wider crypto industry has been struggling to get over the immense choppiness. Over the last week, BTC traded between the levels of $33,000 and $28,000 respectively, today however, the king coin nosedived unhealthily.
Selling pressure zoomed up and BTC lost its long standing $28,000 support mark because of that. Currently the coin has broken below the $25,000 price mark, BTC has not traded below this mark ever since December 2020.
This level had fuelled a massive rally after December 2020 but BTC has continued to dip below the $25,000 mark at the time of writing. Financial markets including the traditional ones have also suffered lately while crypto continued to take massive setbacks one after the other.
The Terra collapse along with other scams across the wider crypto industry has continued to cause downfall across the industry. With BTC consistently surrendering to the bears, it is a matter of time till it touches its next crucial price support level.
Bitcoin Price Analysis: One Day Chart
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