Bitcoin price is declining from the last 3 days in a row, while all attempts to change the downtrend seem to have been in vain. The asset appears to have started trending again within the same downtrend with which the yearly trade began.
The asset above fell from $47,000 levels to a low of $33,00 and moved from these levels to $45,700 levels. Unfortunately, the price of BTC is about to repeat the same price once again, which may drag the price to $38,000.
The price after hitting highs beyond $45,700 quickly crashed hard and kicked off with a drop. BTC price is making steady highs and lows and is headed hard to reach the apex of the falling wedge. With another leg down, the price is poised to hit the lower support levels of the wedge and this is where the turn can be ignited which can lift the price beyond $44,000. However, if in case the asset fails to flip, it may slide sharply lower to reach the next strong support at $38,500.
On the other hand, Bitcoin reserves on exchanges are being depleted at a higher rate. The coins coming off the exchanges indicate the bullish mindset of traders holding Bitcoin firmly amid the uncertain environment.
Exchange stocks fell another 10.87% after multiple pullbacks. Therefore, it indicates that the bulls have accumulated Bitcoin on each dip. And thus they firmly hold the asset unaffected by the current uncertain trend. So, no doubt, the current trend is quite uncertain, but the next rally can be extremely prosperous.
This post BTC Traders Are Shorting $38,000 Level As Bitcoin Price Targets Over 10% Drop!
was published first on https://coinpedia.org/price-analysis/btc-traders-shorting-at-38000-level/