Bitcoin price is falling now as the market has started to turn down significantly that could break the critical $21,500 support level at any time. Major altcoins are also showing the possibility of falling close to their respective support levels, which can create a “valley of death” within the crypto space.
The new weekly trade started with a significant price reduction as most of the cryptocurrencies were within a tight region. It was believed that the next CPI rates have begun their impact on the market. However, recent events such as Paxos being sued by the SEC have fueled the rally towards lower targets.
Will the crypto markets rally and rally or did the space just trigger the resurgence of the downtrend?
bitcoin price it is holding the lowest support of the last few days, bouncing on each contact. However, the selling pressure has crushed the past gains of the last few days, which remains the main concern. Therefore, traders are expected to consider impending volatility before entering and place risk accordingly.
Although the BTC price is very close to the lower support, the token continues to show minor bullish signs. The price is trying to bounce from the lower support at $21,500 and safe levels beyond $22,400. Despite the increasing selling pressure on the token, the Fear and Greed Index is neutral, indicating that traders expect a bounce soon.
