Bitcoin has undergone a strong 50% rally over the past 30 days. The leading cryptocurrency traded as high as $16,500 just hours ago, though has since retraced toward $16,200 as buying pressure has tapered off.
While Bitcoin remains above key support levels, not all analysts think the cryptocurrency has room to extend to the upside. A crypto-asset analyst says that Bitcoin may have topped and may thus face a drop in the days ahead. Many analysts think that Bitcoin is overbought, hence the expectations of a drop in the short to medium term. The drop will likely take the <a class="wpg-linkify wpg-tooltip" title="
CoinA coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin toward the $14,000 region, analysts say. Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom