As I think you all are aware of the fact that BTC and the overall Crypto Market have been on a downward trajectory over the past few weeks.
In this article, we will go over why.
I want to get something out of the way first. This drop of almost 20% does not mean the Bull Run is over. It doesn’t matter on what side are you on, either the “it’s going to 100k, no 150k, no 200k, bla bla bla”. One thing is 99.9% guaranteed.
And that is the 100k zone being touch at least in the near future.
More on that in a moment, but I want you to look at this year’s BTC chart:
As you can clearly see, from the last major pump that took place from February till mid-March, BTC price looks like it has consolidated big time, creating a resistance that has been touched on 5 occasions.
The 69 to 74 k zone is that spot that BTC has tried to go past and failed every time. So, as a result of that price moved to the down side where it wicked the zone of support between the 53 to 50k.
For more clearance here, this is the Daily Timeframe.
