• Bitcoin price continues to remain volatile below $26,000 as regulatory concerns fuel the panic sellers and the bears.
• The analyst Altcoin Sherpa suggests that there could be three possible bottoms around $25,000, $24,000 and $22,800.
• He recommends waiting for some time before buying into Bitcoin or any altcoins as the ideal time to buy would be when BTC forms a bottom.
Bitcoin Price Live: Ongoing Bearish Trend
The Bitcoin price has recently taken a massive plunge of 6.5% and is currently trading below $26,000. This downtrend is triggered by various regulatory concerns among market participants leading to increased panic selling and bearish momentum in the crypto space.
Potential Supports for BTC Price
Popular analyst Altcoin Sherpa predicts that there could be three main support levels for the current BTC price trend – at around $25,000, $24,000 and 22,800 with high volume activity at these levels. There are also other supports such as 200D EMA, 200W EMA, 0.382 FIB levels and S/R levels at around these values. However liquidity still appears low near these supports which suggests waiting some more time before investing in Bitcoin or any altcoins until it stabilizes at a bottom.
SEC’s Crackdown on Binance & Coinbase
The SEC recently took action against Binance for operating unregistered securities which caused a significant drop in the Bitcoin prices while Coinbase was charged without much effect on its prices. Withdrawals on Binance have also been lower than normal indicating strong sentiment from investors who are hopeful of an upswing soon but are being cautious with their investments till then.
How Long Will It Take To Reach Bottom?
It is difficult to estimate how long it will take for BTC to reach its bottom since no one knows when exactly it will happen but Altcoin Sherpa believes it may take some time before we see a healthy consolidation at these levels which will indicate that a bottom has been reached and would be ideal for investing in cryptocurrencies again.
In conclusion; although no one can predict where exactly this current bearish trend will end or when it will stabilize; investors should wait until there is evidence of a strong support level forming in order to invest cautiously into cryptocurrencies again instead of trying to make quick profits by jumping into trades too early on shaky grounds during unpredictable market conditions like this one right now