On June 12, the trading price of Bitcoin (BTC) ended up facing another dip bringing its price even lower. A significant rise in the trading volume of Bitcoin was witnessed that was fueled by the strong selling power of the bears.
A look at the data collected by TradingView shows that the price of BTC went down to $27,150. Bitcoin ended up hitting the figure experiencing a constant pushback in its value from the bears’ end. They constantly sold BTC and on the sixth consecutive day of selling, BTC hit a low of $27,150.
The Resumption of the Losing Trend
It was only a few hours before the week would come to an end. If things were to end that way, then the price of Bitcoin would not have been able to leave the red zone. This would result in Bitcoin constantly losing its value for 9 straight weeks showing red candles. In this particular case, Bitcoin would step into the new week continuing with a losing streak.
The data showed that Bitcoin had to accumulate $2,000 in order to close its week with green figures. At this particular time, the trading price of Bitcoin was at a low of $27,400.
Fear of Analysts
The data further showed that Bitcoin constantly lost its value and the bulls continued losing at the strong support marks. This was due to the mood of the majority of investors who were not willing to invest in the bullish trend.
They were not willing to provide much support to the cause, which became the reason for thinner liquidity. Due to the behavior of the investors, there was a lot of fear found among the analysts.
The fear was surrounding Bitcoin losing its value and moving down at a fast rate. It was being perceived that the trading price of Bitcoin may end up getting pulled down to its ten-month low after a retest.
Several analysts were concerned about how the price of Bitcoin had dropped from a support zone of $29.3k. Bitcoin wasn’t even able to hold its own around the $28.5k value.
Now, the Feared Price of Bitcoin is around $24k
Although the price of Bitcoin is hovering around $27k it is expected that it may not be able to hold it for long. The current market sentiments are not supportive of the bullish trend at all. They are constantly indicating a bearish trend; if the fear comes true, the price of Bitcoin may fall deeper.
The graph suggests that if things do not work out for the bulls, then the trading price of Bitcoin may dip to around $24k.