Bitcoin selling has not yet matched recent peaks, analysis warns as BTC price risks a dip below $26,000.
for BTC/USD in 2023, and a complete lack of support from trend lines and moving averages during the breakdown.
“BTC formed its Higher High at ~$31000 on inclining volume. But price formed the second half of its Double Top on declining volume,” heAn accompanying chart showed trading volume on daily timeframes, as Rekt Capital warned that capitulation had likely not yet matched previous sell-offs. “Though there was a small breakout in seller volume on this crash… It's still nowhere near the Seller Exhaustion volume levels of previous BTC reversals ,” he explained.
“In fact, current Seller Volume would need to probably double to reach those Seller Exhaustion volume levels that prompted price reversals in early & late March as well as mid-June.”Others were more optimistic, including trader CryptoCon, who identified key two completed tasks common to successful BTC price rebounds during bull market retracements.
Looking ahead, QCP meanwhile flagged next week’s commentary from Jerome Powell, Chair of the United States Federal Reserve, as the next potential source of volatility.to preserve this moment in history and show your support for independent journalism in the crypto space.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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