Latest situation in Bitcoin
In Bitcoin, which has experienced many continuous drops below $ 19,000, these drops were bought aggressively and the price quickly reversed.
There is a crucial level being monitored by a leading analyst that could have a heavy impact on BTC's price action.
He points out that a close below this level would be terrible for the bulls and possibly lead the cryptocurrency to descend towards the "last line of defense" the bulls have.
Bitcoin has followed a crazy path over the past few days and weeks as the selling pressure seen at all-time highs has led to multiple sales.
While the bulls may not successfully move beyond this price zone, the selling pressure seen here seems to be weakening with each visit.
When this level is touched for the first time, Bitcoin's price has dropped to the lowest level of $ 16,400. The second time its price dropped to the region below $ 18,000 only. If it continues like this, it means an upward trend.
A trader is watching closely his reaction to a crucial level just below where he is currently trading. He claims that a one-day close below this level will be terrible.
