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Bitcoin Weekly Trade Analysis: Is BTC Price Set for a 20% Drop Ahead of Yearly Close?
The current bearish momentum in the crypto market, particularly with Bitcoin (BTC), is expected to continue, potentially resulting in a significant drop ahead of the yearly close. The Bitcoin bulls have been unable to muster enough strength even as selling volume dwindles, indicating a lack of interest among market participants. This passive trading behavior may lead to an extended pullback, which could result in another 10% to 12% loss before the end of the year.
The recent surge in trading volume compared to the past few days suggests that volatility might escalate during the weekend. Despite failing to breach resistance levels above $100K, Bitcoin has consistently broken support levels, weakening its bullish momentum and paving the way for a potential further decline.
Source: coinpedia.org
