- Bitcoin (BTC) has been falling in a consolidation phase for the past few days, and buyers and sellers are in an impasse when trading around $ 13,800.
- The rest of the cryptocurrency market has been on the decline over the past few days, with the DeFi industry hitting particularly hard.
- This weekend proved particularly positive for Bitcoin, but one analyst is wary of BTC’s longevity.
- A popular analyst points to 4 specific factors that show that some downsides may be imminent for the leading cryptocurrency in the coming days.
Bitcoin (BTC) has been absorbing oxygen in the crypto market for the past few weeks, and most altcoins are recovering while making consistent losses. This uptrend has allowed the coin to break the $ 13,800 resistance level that has been strong for the past few days. However, one analyst points to factors that suggest that some downsides for the cryptocurrency are imminent. The analyst believes that many unsuccessful attempts to overcome critical resistance, weakness in the stock market, and the US dollar falling to a key support level could trigger a Bitcoin sale this week.
What’s Next For Bitcoin Price? Here are the Key Levels by Famous Analyst
Mayne explains 4 reasons to short the Bitcoin rally
At the time of writing, Bitcoin is trading marginally at its current price $ 13,800, the price level it has traded for the past few days. There has not been any sustainable break above this level yet, and according to analysts, it could be a dire sign that I am moving up from here in the coming days. Earlier this week, the leading cryptocurrency was able to rise as high as $ 14,100, but it was quickly rejected from this price level and fell to where it is currently trading.
While the popular analyst named Mayne shares his thoughts on Bitcoin, he points out 4 factors that show that this week could be a bloody week for BTC. If the leading cryptocurrency sees a strong drop this week, it could create a wind that is also causing altcoins to melt rapidly, according to the analyst. The popular analyst adds to his comments on the issue:
MY SHORT AGAIN IN BTC… SOMETHING SOMETHING SUSPICIOUS ABOUT THIS WEEKEND PUMP. 3 BIG RESISTANCE REMAINS, SHARES HAVE BEEN HIGHLIGHT LAST WEEK, THE CHOICE AT THE EARLY OF THIS WEEK IS ON THE SOLID RR AND DXY SUPPORT… STILL ON THE RISE OVERALL, THE WITHDRAWALS ARE NOT A BAD THING. LET’S SEE WHAT WILL HAPPEN…