The cryptocurrency market has suffered a serious decline this week due to pressure from sellers forcing asset prices down.
The strength of this selling pressure has caused some large altcoins such as Ethereum (ETH) to suffer enormous losses. ETH fell to the level of $ 330, while Bitcoin (BTC) fell below $ 10,000 for a short time.
After the loss, BTC has recovered somewhat, under the influence of the bulls, but the support level needs to be constantly defended for the asset to rise significantly. It is very important that the fiery defense given at the level of 9,900 dollars continues in the current price range.
Analysts are currently providing a bullish outlook for the market and state that liquidity in the region above $ 9,000 will help BTC return to the $ 11,000 level.
Bitcoin (BTC) is being traded at $ 10,177 as of writing.
The enormous selling pressure that the leading cryptocurrency has faced in recent weeks has catalyzed multiple drops below $ 10,000, but each has been softened by heavy buying pressure. This made the region above $ 9,000 a very important level of support for the leading cryptocurrency.
If the bulls can constantly defend at this level, we may see BTC at much higher levels in the near term and BTC can compensate for the recent decline in this way.
As analysts point out, for bitcoin to rise in the short term, buyers must defend even stronger. However, due to the uncertainty of the upcoming US elections and the ongoing pandemic, the markets continue to be in a risky state. For this reason, it is very important for investors to consider all risks before investing. In this way, possible losses to be experienced can be prevented, albeit a little.