"Investors like this are tired, there is no wind, there is no storm, suddenly the price of BTC falls."
The price of cryptocurrency king Bitcoin (BTC) appears to have plunged to $28,355 from its recent high of $29,276 amid investors consolidating their holdings.
However, it should be noted that investors will be more interested in buying large amounts of BTC when the price can drop to its support zone of $28,933 and then continue to invest up to $28,800.
So here it can be seen that further price decline can be stopped if investors buy BTC at that level and currently its market cap is down 0.62%, but its trading volume managed to jump 20.25% at $15 billion.
Despite this, the bearish momentum is currently very strong and BTC is likely to experience continued selling pressure that could cause the digital asset to fall lower than its current levels.
However, analyst expectations indicate that there is still some buying pressure in BTC, thus prompting a bullish reversal following buying pressure capable of boosting the price of the digital asset.
Following the recovery depending on how the crypto reacts, BTC could change sentiment, attract more buyers and bring on bullish momentum if the price can break through the $29,200 resistance zone.
As of this writing, BTC price has plunged by 2.03% to $28,592 in the last 24 hours with a market cap of $556 billion and has recorded a 3.39% decline over the past week.
