Last week, a crypto market analyst, TraderKoz said that if BTC could hold the $37,000 support line over the weekend, its chances of regaining the $42,000 resistance level would grow. However, if BTC failed to hold this support line it could drop to levels between $30K and $35K.
Now, the weekend has come and gone, and Bitcoin is sitting at $34.5K firmly below $37,00, and it could fall even further.
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TraderKoz is not the only one who thinks that BTC could be in for further price drops. CoinTelegraph cited anonymous crypto market analysts @noshitcoins, who said that derivatives and on-chain data could signal more shrinkage in the price of Bitcoin.
Market sentiment seems to be flashing toward further drops. The Bitcoin Fear & Greed Index, which shows an approximation of how likely BTC traders are to buy (greed) or sell (fear) their coins flashed at ‘extreme fear’ on May 29th, the last time that the account posted on Twitter.
Bitcoin Fear and Greed Index is 18 – Extreme Fear pic.twitter.com/1Rv4w8O1B5
— Bitcoin Fear and Greed Index (@BitcoinFear) May 29, 2021
Will BTC drop below $30K? Let us know in the comments below.
