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Dip-buyers Expect Additional downside after Bitcoin Cost Drops to $38K

Sellers pressed Bitcoin cost back under $40,000, while analysts think BTC will stay rangebound until the 42,000 amount is breached.

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Dip-buyers Expect Additional downside after Bitcoin Cost Drops to $38K

When many investors expect that BTC will restart its bull rush and run over $40,000, technical analysts are still sounding the alarm about a looming death-cross which may send Bitcoin cost to $30,000 and below.

Statistics from Cointelegraph Markets Guru and TradingView proves that after dropping the 40,000 support amount, Bitcoin bulls were overrun by vendors, triggering a fall to the current intraday low at $38,415.

Regardless of the danger of a passing cross and substantial headwinds living in the $40,000 to $42,000 resistance bunch, recent statistics from Glassnode indicates the brand new crop of Bitcoin hodlers reveal no symptoms of selling in the present levels, particularly for wallets which have been holding for more than 3 weeks.

Based on David Lifchitz, managing partner and chief investment officer in ExoAlpha, the cost action for Bitcoin was stuck at a range between $33,000 and $40,000 for over three months since the market tries to stabilize after the May 19 sell-off.

The industry crash was able to"wash out speculators that had been the individuals who tended to transfer the purchase price at a'fast and furious' manner," resulting in a decrease in momentum for BTC that's currently"stuck in limbo" by"a ferocious battle brewing below the surface between bulls and bears" and has led to a"greater average traded quantity post-crash."

Lifchitz suggested that the bulls are constituted of"dip buyers and institutional investors like Micro Strategy that make the most of the dip to fortify their holdings," while the bears are"likely miners that are wanting to unload at the very best price they could get today (i.e. circa $40k) so to not wreck the marketplace more and consequently shot themselves in the foot"

From a technical standpoint, Lifchitz emphasized the 42,000 amount as a substantial barrier for the purchase price of Bitcoin that would probably require miners to"exhaust their selling or be convinced that they can float in a higher cost if they let Bitcoin breathe just a little bit" to be able to conquer "

Lifchitz stated:

"A break above $42,000 will be required to get Bitcoin so as to extract itself out of its own trading range, at which stage it might electricity quickly greater to the 50,000 amount which coincides with the regional bottoms of April 26 and May 12 before starting to eliminate ground on May 15."

Altcoins also faced pressure as Bitcoin price dropped below $40,000 however there were several tokens which were able to buck the regular trend.

The top performing token for your afternoon is Amp, which gained 44 percent to set up a new record high at $0.1211.

The general cryptocurrency market cap currently stands at $1.6 trillion and Bitcoin's dominance speed is 45.3%.

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Bitcoin
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