Bitcoin Price May Reach More Lows, If It Fails To Maintain These Levels!


Bitcoin Price Struggle To Reach 200-MA Levels

Bitcoin prices that maintained above $40,000 for almost the whole day, showcased a possible uptrend towards the upper resistance around $41,000. However, the whole scenario flipped and the bears overtook the market to drag the price to the current levels. 

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The price in the previous trading was on the verge to bounce above the 200 day MA to propel further. However, with the recent plunge the price may experience a serious drain that may lead the price below $20,000 also. 

Therefore, to keep the bullish momentum intact, the prime focus would be to break the bearish trend and rise above $38,000. Else the price as mentioned by a popular analyst, TheMoon may visit $17,000 in coming days. 

Also Read: A Popular Analyst Sets The Most Insane Target For Bitcoin Price

Is the ‘Greener Bitcoin’ Debate Impacting The Price?

Bitcoin has been in the crypto space for a decade and the mining process is also a known fact. Yet the debate of bitcoin being environmental friendly has surfaced recently when Elon Musk announced the withdrawal of BTC payments. 

Since then the price has entered a sideway trend followed by a huge price crash which declined to $30000 levels. No doubt the price rallied and surpassed $40,000 a couple of times, yet got rejected each time. The drain is so extensive, that the price revists $35,000 zone during each rejection. 

However, many renewable sources of energy have been escalated to use it for the mining process, yet it may be a little time consuming. The matter of concern lies whether the debate is causing the price to be stuck within $35K to $40K levels. Nevertheless, the bitcoin price rally is expected to resume soon to head towards the set target.

Also Read: Will Elon Musk’s Attempt For A Greener Bitcoin, Amplify Its Price?



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