Crucial Bitcoin price level to watch next after sharp sell-off
Amidst the ongoing sharp sell-off in the crypto market, Bitcoin (BTC) investors remain vigilant, closely monitoring a pivotal price threshold that could dictate the cryptocurrency’s subsequent trajectory. The sell-off unfolded just as Bitcoin was endeavoring to surpass the $30,000 milestone in its quest for a fresh record.
In this context, RLinda, a crypto analyst and a professional trader, emphasized in an August 18 TradingView post that the $25,000 support level holds paramount significance for Bitcoin. The analyst underscored two confirmations that highlight the importance of this position.
The first confirmation stems from the sellers’ activity, indicating their interest in driving the price down to the $25,000 mark. The second confirmation, however, stems from the buyer’s side, implying that this level has garnered interest from investors looking to enter the market at a lower price point.
For traders looking for specific levels to watch, RLinda outlines support levels at $25,000 and $24,819 and resistance levels at $26,707, $28,474, and $30,575.
Analysis news finbold.com
https://finbold.com/crucial-bitcoin-price-level-to-watch-next-after-sharp-sell-off/Source
By press time, Bitcoin was trading at $25,928 with daily corrections of almost 2%. On the weekly chart, Bitcoin is down over 10%.
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