BTC News: With the collapse in the cryptocurrency market in recent days, various different crypto exchanges have encountered a huge sales wave on their platforms. While those investing with the HODL strategy suffered the most, even crypto billionaires lost a significant portion of their assets.
Not long after BTC reached an ATH of over $ 65,000, it could not sustain this level for a long time. According to CoinMarketCap, BTC is trading at $ 35,000 with a 10% correction in the last 24 hours and a 25% over the 7-day period.
At the top of the problems leading BTC to this path: Elon Musk’s role in the decline and the concern created by China.
Crypto advocate Rekt Capital said:
— Rekt Capital (@rektcapital) May 21, 2021
The Fear and Geren index for Bitcoin is at 19, which means “extreme fear”. But buying at the bottom is something that many analysts have been waiting for.
The crypto trader mentioned two possible scenarios for Bitcoin in addition to the series of tweets.
The Weekly Closing will decide where BTC wants to move:
If the Weekly Closing is above $ 38,000, an increase to $ 44,000 will be possible (blue track).
Closing below $ 38,000 weekly will enable down to $ 32K (orange road).
The same can be observed in the chart below.
Rekt Capital also said:
“BTC is struggling to hold $ 38,000 as support. This means that BTC was unable to hold the ~ $ 38,000 to ~ $ 44,000 range and fell to the $ 32,000 to $ 38,000 range. This is the range when BTC wants to close weekly as the week ends. “