Guruprasad Venkatesha
Guruprasad Venkatesha 2 minutes reading from Bitcoin

Bitcoin Price Still Weak & Short-Lived?

GM! BTC is still weak & slowly going towards the previous low of 15500. Rn the BTC bounced as Binance announced bailout package & Elon musk saying BTC will survive. The selling pressure will continue once BTC crosses 17k. Now the range is 15500-17200. More downside seen!

ETH lost the 1220 & started trading below 1200 levels which is the clear sign that it’s on its way towards 1000-850 levels. Rn it’s trading above 1220 but it won’t sustain as there is significant selling pressure. We will see lower levels in the weeks to come! CryptoNews

altcoin rally won’t happen when we are seeing BTC getting so weak. There will be some sectors that will do well & gain huge traction too. Such sectors are wallets, decentralized exchanges. Apart from that we won’t see much action in the markets. cryptomarket

Summary: BTC is weak & short bounces won’t help. Currently BTC looks like short on every ride opportunity. The effects of FTX will be more clear in the coming days. Global scenario is not looking good either. This crypto winter will be the longest in history of BTC

We will need another trigger similar to DeFi in 2019 rally for Crypto markets to make a comeback. Many have lost the hope but only hardcore supporters will stay now who will be there forever. Stay with good projects, wait to DCA. Winter has just began now! cryptocurrencies

This post is based on this twitter thread.

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