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The leading cryptocurrency Bitcoin (BTC) has started trading at $29,100, recording an average loss of 1% in the past 24 hours. A crypto analyst evaluating the current technical outlook of Bitcoin pointed out possible price levels that could play a critical role in the near future. The analyst suggested that if BTC falls below $29,000 again, the losses could accelerate.
Search for Direction Continues in Bitcoin
The leading cryptocurrency Bitcoin (BTC), which has been consolidating between $29,000 and $30,000 for weeks, started the day with another drop and fell to critical price levels. BTC started trading at $29,100, recording an average loss of 1% in the past 24 hours.
Additionally, BTC’s total trading volume also saw a decrease of nearly 30% in the past 24 hours. The market dominance of the leading cryptocurrency Bitcoin (BTC.D) is at 48.7% according to CoinMarketCap (CMC) data.
Alongside the losses in BTC, the cryptocurrency market also started the day with a downward momentum. The total market value of the crypto industry decreased to $1.16 trillion according to CMC data. An analyst evaluating the current market situation pointed out the $29,000 level and discussed possible scenarios.
Analyst Points to Critical Price Levels
Cryptocurrency analyst Michael Van de Poppe evaluated the current technical outlook in a series of tweets and pointed out possible price levels that could play a critical role for BTC in the near future. The analyst emphasized that BTC returning to its previous low price levels could lead to increased losses and a strong downward momentum in the cryptocurrency market.
The information in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry risks due to their high volatility and should conduct their own research when making transactions.
