Bitcoin is still holding above $20,000 despite a massive increase in selling pressure over the past few days. The cryptocurrency has experienced some of the worst capitulation events in its history and could be read for a fresh leg-down.
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At the time of writing, BTC’s price trades at $20,700 with a 7% and 31% loss in the last 24 hours and 7-days respectively. Market participants seem to be expecting new highs, but a resume in bullish momentum could catch them off guard.
BTC trends to the downside on the 1-day chart. Source: BTCUSD Tradignview
A pseudonym trader believes that the key to finding BTC’s price next major bottom is the Bitcoin Halving, the event