After the Bitcoin price has fallen sharply in the last 24 hours, investors are saying, "Why is Bitcoin falling and how much will it fall?" He was locked in the explanations of analysts to answer his questions. Especially the allegation of "double spending" in the Bitcoin network and the negative speeches of Janet Yellen about cryptocurrencies triggered the declines in the market.
Later, after Janet Yellen changed her negative attitude, the price bounced from the $ 28,800 levels and managed to surpass $ 32,000.
According to Analysts:
The consensus of many crypto analysts is that "if there is a close below $ 30,400 - $ 30,800 in the 4-hour period, retreats to $ 26,000 and $ 24,000, respectively, can be seen." Stating that if there is a drop to the level of $ 24,000 and the price is not supported by the whales in that region, many investors will suffer, "the worst is $ 26,000, and if the whales speed up their sales actions or choose not to increase the purchases, it is possible to drop to $ 20,000."
However, considering the institutional investors who have recently made serious purchases over $ 30,000, it is estimated that the price can recover with the new purchases of these institutional investors, even if it has decreased to the level of $ 26,000.
Because institutions like Grasyscale have purchased millions of dollars of BTC over $ 30,000. In the opinion of experts, if big decreases start, the part that will suffer the most will be the institutional investor wing. For this reason, the thesis is put forward that "institutions will not allow BTC to decline seriously", especially in the process we are in.
Looking at the chart, it is stated that the level of resistance, which can be said to be "the danger has passed", can be realized with support at $ 32,500 and $ 35,000. Again, it is estimated that the trend may be upward again in the 4 hours and above closing above these levels.
Looking at the big picture, ie the graph in the weekly period, it is seen that the upward trend that has been going on for about 15 weeks has deteriorated and the current trend signals "horizontal".
Traders are advised to act according to these support and resistance points while trading and the worst stop should be below $ 28,000.
