Bitcoin, which has been consolidating in a narrow range for a long time, has broken its silence with the downward price movement.
While BTC fell to $ 28,300 with the correction it experienced yesterday evening, it is still below $ 29,000.
While BTC's rise to $ 32,000 with the rise it experienced in July, but then falling below $ 29,000 makes investors nervous, investors are also trying to determine a trend line to determine which direction BTC will move.
At this point, while the bullish trend line in BTC was around $ 28,000, Matrixport research head Markus Thielen evaluated Bitcoin's price movements.
Speaking to Coindesk, Markus Thielen stated that a possible break of the trendline could lead to deeper losses in Bitcoin.
“Bitcoin price could drop. However, if the uptrend line is broken, Bitcoin could retest the $25,000 support level.
Bitcoin had turned the $25,000 resistance level to support in March. However, before the rally after the Blackrock Bitcoin ETF, Bitcoin retested this support level in June.
In this context, investors are advised to keep their crypto risks to a minimum and use options.”
Apart from Markus Thielen, David Lawant, head of research at the FalconX institutional trading desk, also evaluated the overall cryptocurrency market.
Stating that volatility and volumes in the market in general are at historically low levels at this point, Lawant said, “Overall, while the evolving trends and fundamentals in crypto continue to maintain optimism, it is time to closely monitor the possible spillover effects of general lows from macro to broader risky assets and thus crypto. ” said.
*Not investment advice.