There is no doubt to the fact that Bitcoin has lost almost third of their value for last week, and it is not showing various signs to stop. We have also seen Celsius that is struggling with different kind of the liquidity issues, and even hedge fund that could be also face similar kind of issue. On the other hand, it is a crucial and significant indicator for a signal of bottom.
In could even turn out to be worst, and much damaging and hindering crash in the short history of bitcoin. Here the entire crypto market is in the red color all across the board. There are various different projects which are down well in almost most of the region.
Bitcoin reaching the next highest level
Bitcoin now seems to be quite close to high of almost $19,500 that has also reached at top of final bull run in the month of December 2017. Various analysts confirm that price of bitcoin must never go below the level. Given the fact that previous bull may also run highs and may have not breached till date now.
Be such kind of the case, where given sheer amount of the fear, along with the insolvency issues that is usually suffered. The result of cascading effect can even bring bitcoin & crypto quite lower. Looking for much higher time, it may be seen that $19,500 is incredibly significant support level. However, it must also pierce & bitcoin establishes. It is biggest and greatest level arguably in whole of the bitcoin is subsequent support level.
The analysts for technical & on-chain are looking for different signals which may herald the turning point. This one in specific has started to fire. More than complete course of bitcoin history of the signal has offered to quite accurately buy signal, that indicates great buying time.