Bitcoin Price Analysis

Bitcoin further sank to about $17,750 for the first time since December 2020 Saturday afternoon, as the selloff in the crypto market intensifies.

Bitcoin’s price is still falling steadily and is currently testing the 2017 all-time high range of $17,000 to $20,000. However, the descent shows no indication of abating, and analysts are  are not quite sure to call a bottom at this time.

The following hour, Ethereum followed suit and went below $1,000. These numbers were feared as crucial support levels for the top two coins by market capitalization.

The next several days could be crucial for Bitcoin, as a failure to establish support at this position could lead to a further market decline into the $15,000 mark.

Alternatively, if the price recovers from the current region, the $24,000 level would be the first hurdle before the key $30, 000 resistance and the 50-day moving average.

The current Crypto Winter differs from 2018 in that cryptocurrencies are falling alongside tech stocks as the broader economy is fragile, inflation is soaring, and a full-scale recession appears impending.

During the past week, the price of Bitcoin fell by more than 30 percent, and the market is arguably suffering maximum anxiety. A significant amount of coins that have been purchased and held over the past two years are being put into exchanges, as indicated by exchange inflows.