"It's rubbish with BTC, it's not as fun to go up as it is to go down."
At the opening of the Asian market session today, the price of cryptocurrency king Bitcoin (BTC) appears to have plunged to around $26,010 from the $26,700 level as equity markets saw significant selling pressure while the US dollar surged.
Reportedly, the S&P 500 and the Nasdaq Composite Index have declined by 2.7% and 3.2%, respectively.
The number of long-term holders in crypto who are nearing all-time highs have indicated that they are reluctant to sell any digital assets before the spot BTC ETF in the US is approved.
So here it can be seen that long-term investors can not only help the crypto market maintain its price but also take profits when the digital asset makes an upward move to reach new highs.
While it is still uncertain how long BTC will experience further declines from the harsh macroeconomic environment, the number of successful long-term investors has steadily increased could signal that the next bullish momentum is approaching.
According to Rachel Lin, Chief Executive Officer (CEO) of SynFutures said $27,800 is a strong resistance zone for BTC in the coming week while $26,000 to $26,500 is its support zone.
However, Lin believes that traders will open relatively large positions for puts options* when BTC is at $24,000 and do call options if the price reaches $35,000.
*A type of contract that gives the buyer the right, but not the obligation, to buy the underlying asset at a predetermined price and within a specified period of time
**The right to sell assets at a predetermined price
As of this writing, BTC price has plunged by 1.13% at $26,284 in the last 24 hours with a market cap of $512 billion and has recorded a 0.68% decline over the past week.
