Bitcoin fights to hold $28,000 as experts project more red ahead

Bitcoin fights to hold $28,000 as experts project more red ahead
5 months ago
3 mins read

Several crypto market specialists believe the price of Bitcoin (BTC) is on the verge of a chasm, with its price hitting its lowest point since December 2020.

Indeed the flagship digital asset has lost more than 50% of its value over the last six months amid a sector-wide decline that has wiped more than $1.5 trillion from the global cryptocurrency market cap. 

As things stand, Bitcoin is trading at $28,145, down 11.03% in the last 24 hours and an incredible 28.22% across the previous seven days, according to CoinMarketCap data.

Bitcoin market price. Source: CoinMarketCap

Currently, the total market worth of (BTC), is $539.7 billion. Bitcoin is now  -63% from its all-time high.

Bitcoin dominance

Although the Bitcoin dominance has risen over the past two days, as the price of Ethereum has broken lower against BTC many questions still remain amongst investors.

According to crypto expert Rekt Capital:

“Now that BTC Dominance is at the red level – what’s next? History suggests that every time BTC D challenged the red level – it broke. There’s a strong possibility that BTC Dominance can continue to the top of the black wedging structure over time.”

Bitcoin dominance. Source: rektcapital

Crypto expert opinions

Whatsmore, Rekt Capital highlighted more downside could be expected over the next few months if not weeks if Bitcoin loses the macro range of support around $28,000.

 “If BTC completely loses this Macro Range BTC will enter a downtrend, peppered with recoveries before more down. Question is how long will this downside take. History has shown that downside can take months (slow-bleed) or weeks (crash then V-Shaped bottom),” he said.

Bitcoin Macro range high. Source: rektcapital

Elsewhere, CEO of Eight and prominent crypto trading analyst Michaël van de Poppe stated:

“Bitcoin has cleared all the liquidity beneath the lows and dropped towards the $26K block. There’s still a level around $24K left that could be tested, although the move becomes overextended.”

Bitcoin support levels. Source: rektcapital

Due to the volatility of the crypto market, daily price movements may be substantial. As a result, it is important for investors to keep a closer eye on the market than just a fleeting glance, as any significant event might have a dramatic impact on Bitcoin’s price action.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.