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Bitcoin price is falling now, as the market has begun to pull a significant leg down that could break through the critical support level of $21,500 at any time. The major altcoins also display the possibility of drop close to their respective support levels which may create a ‘death valley’ within the crypto space.
The fresh weekly trade began with a significant price squeeze as the majority of the cryptos were hovering within a narrow region. It was believed that the upcoming CPI rates have begun their impact on the market. However, recent events like Paxos being sued by the SEC have fueled the rally toward the lower targets.
Will the crypto markets rebound and rise high or did the space just triggered the revival of the bearish trend?
Bitcoin price is holding the lower support from the past few days, rebounding on every contact. However, the selling pressure has been squashing the past gains of the past few days which remains the major concern. Therefore, the traders are expected to consider the impending volatility before getting in and placing risk accordingly.
Although the BTC price is hovering very close to the lower support, the token continues to flash minor bullish signals. The price is trying very hard to bounce from the lower support at $21,500 and secure levels beyond $22,400. Despite the selling pressure mounting over the token, the Fear and Greed Index is neutral, indicating that traders expecting a rebound soon.