The post BTC Traders Shorting At $38,000 Level as Bitcoin Price Eyes To Drop More Than 10% ! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
The Bitcoin price is slashing from past consecutive 3 days while all the attempts to flip the downtrend appears to have gone in vain. The asset seems to have again started trending within the same descending trend with what it began the yearly trade.
The asset previous dropped from $47,000 levels to as low as $33,00 and flipped from these levels to reach $45,700 levels. Woefully, the BTC price is on the verge to repeat the same price yet again which may drag the price to $38,000.
The price after reaching the highs beyond $45,700 quickly plunged hard and initiated with a plunge. The BTC price is forming constant lower highs and lows and heading strongly to reach the apex of the falling wedge. With yet another leg down, the price is primed to hit the lower support levels of the wedge and this is where the flip may be ignited that may uplift the price beyond $44,000. However, if in case the asset fails to flip it may slide down strongly to hit the next strong support at $38,500.
On the other hand, Bitcoin reserves in the exchanges are depleting at a greater pace. The coins getting-off from the exchanges indicates the bullish mindset of the traders who are holding Bitcoin firmly amid the uncertain environment.
With another series of dramatic drops, #Bitcoin's supply on exchanges is now down to just 10.87%, the lowest percentage seen since December, 2018. Generally, this continued trend of coins moving off of exchanges limits the risk of major sell-offs.
https://t.co/So7mmK1tHg pic.twitter.com/vKwkinUuCl
— Santiment (@santimentfeed) February 12, 2022
The exchanges reserves have fell down by another 10.87% after multiple pullbacks. Hence indicating the bulls to have accumulated Bitcoin at every dip. And hence they are holding the asset firmly not being impacted by the current uncertain trend. Therefore, no doubt the current trend is quite uncertain yet the upcoming rally may be extremely thriving.
