"Investors must be surprised to see the price of BTC rise so fast and then fall."
Immediately after peaking as high as $37,955 on November 15, 2023, cryptocurrency king Bitcoin (BTC) yesterday unfortunately saw momentum decline again as its price fell to $35,500.
According to CrediBULL Crypto, leading analysts expect BTC price to retest at $34,600 first before continuing higher to break its strong resistance zone at $38,000.
CrediBULL Crypto also said that most of the profit-taking was from the implementation of long positions in the past few days, therefore a retest may occur after the short sellers are found to have exited the crypto market.
Through observation, there was $217.79 million liquidated by 77,200 traders from the crypto market in the last 24 hours while the digital asset's liquidity figure is currently at $61.42 million.
BTC's downward trend is not for the long term as CrediBULL really believes now is the time for the price of the digital asset to bounce back up.
However, it should be noted that the decline in altcoin prices can reflect how strongly most of them depend on BTC, where Solana (SOL) is down more than 8.81% while Cardano (ADA) and Ripple (XRP) are down 0.65% and 3.98% respectively in the last 24 hours.
As of this writing, BTC price has plunged by 2.53% to $36,535 in the last 24 hours with a market cap of $714 billion and has recorded a 0.41% decline over the past week.
