Bitcoin price action is still stuck at support, but unable to break it after repeated attempts. Throughout the asset’s history, after any support has been tested so many times, it ultimately breaks.
However, the Fibonacci sequence and a key mathematical level could explain why $30,000 is so critical to the cryptocurrency market cycle, and why even though it has been tested again and again, it very well could hold unlike past instances of sideways action. Here’s why.
Sideways Stalemate Ready To Break, But Which Way?
The crypto market is at a standstill, thanks to a shocking more than 50% collapse that wiped out trillions from the total market cap. Bitcoin, Ethereum, and other assets all plunged from highs within a month, and have been trading sideways since.
More downside is possible, as valuations ran wild though the start of 2021. But it is just as plausible at this point in time and given how severe the correction was that