The price of Bitcoin (BTC) has reportedly plummeted after a slight rally. For now, the investors are not willing to make many investments in favor of raising the price of Bitcoin. Instead, Bitcoin is facing a huge problem where the investors are selling BTC even when a minor rally comes into play.
The investors’ sentiments are bearish about Bitcoin and they do not favor the accumulation of BTC even at a lower price. The vast majority of investors are waiting for the price of Bitcoin to go so they can sell it to cover the losses.
It is being predicted that for some time, the investors may stick to their current strategy. They may not buy any dips for some time in order to observe the situation and let the bulls come into action.
For now, the investors’ sentiments are bearish, which means that Bitcoin’s price may not grow higher in near future. However, if the bulls want to break the spell and move investors to their side, they will need to build up a strong rally.
The bulls will only be able to push if the price of Bitcoin manages to break through the $39,318 figure. As of now, the $39,318 figure represents the 20-day EMA for Bitcoin. If the price of Bitcoin breaks through the 20-day EMA, then the investors may have a change of mind.
If the bulls are able to face the bears at the 20-day EMA and win against their resistance, then they may succeed in pushing Bitcoin’s price higher. In the best-case scenario, the bulls will be able to initiate a march and lead the investors to push Bitcoin’s price up to $43,791. As of now, the $43,791 per BTC price represents the 50-day SMA for Bitcoin.
On the other hand, the investors may side with a selling activity as compared to a buying activity. This may cause a dip in Bitcoin’s value and bring it much lower than the 20-day EMA.
For the bears, the first attempt would be to bring Bitcoin down to $35,507.01. This would suggest that the bears have won against the bulls with their aggression. This would further strengthen the confidence of the bears and may attract more investors to their side.
The next attempt from the side of the bears would be to crack the bulls even more and bring more investors to their side. This way, the bears may be able to pull Bitcoin’s price all the way down to $32,917.17.
This would be a very critical point for the bulls where they have to show a lot of aggression against the bears. If they are unable to do it, then Bitcoin’s price may get pulled down to $30,000.
