Do The BTC Bulls Still Have a Fighting Chance?
In our previous Bitcoin analysis, we identified the $70k support zone on the Daily timeframe and warned our readers that if the BTC price broke and close below this key zone, we could see a massive sell-off down to the $50k price region or lower in the coming days.
Well, Bitcoin is starting off this week officially opening below that $70k support. This could spell doom for the BTC bulls.
In this Bitcoin analysis, we will be updating you on the current price action as well as what we are watching to see happen in the coming days.
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Bitcoin Bears Still In Full Control
By breaking below the $70k support region, the BTC price has now entered into bearish territory. And in the coming days, we expect to see more sellers jump in to take full advantage of this weakness in price.
So for now, we are still very bearish on the BTC price and will continue to expect to see more bearish pressure pour into the market as we resume our push lower towards the $50k price region.
The only way for the BTC bulls to stop this Bitcoin sell-off from happening is if we see a price spike and close back above the $70k support zone (now serving as a key resistance on the Daily timeframe).
Final Verdict!
The Bitcoin bears are still in full control of this market and will remain in full control as far as the BTC price continue to respect and trade below the $70k support zone on the daily timeframe.
In the coming days, we expect to see new selling pressure pour into the market as we resume our bearish trend lower.
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