Bitcoin facing high sell pressure! Is a big dump near?
In the last few weeks, the trade price of Bitcoin revolved around $34k but in the past couple of days, many Bitcoin investors sold their bitcoin & again invested in altcoins. This situation created a type of confusion for the short term holders to follow the best trading strategy.
The current trade price of Bitcoin is $34,698 & this trade price is only 0.12% higher over the last 24 hours trade price.
Last Thursday, Bitcoin hit nearly $36k trade price but after that started to face corrections in small steps & saw net -2% downfall. However, some Bitcoin traders called it a small opportunity to accumulate more bitcoin but overall it created a significant sell pressure among the new & old retail investors.
The majority of the analysts called this a stable phase for Bitcoin trade price and said that it is normal for Bitcoin in this situation, as Bitcoin is currently standing in the initial phase of a bull run.
Bitcoin proponents said that people should always focus on investing in Bitcoin for the long term, instead of paying attention to the current volatile situation.
— Seth (@seth_fin) November 3, 2023
#Bitcoin For long term investment purposes! This is still a good place to buy!
Don't get confused between my trading analysis and investment analysis.
When I don't sell my Bitcoin it means litterally Im buying. If you hold Bitcoin here it means you buy here. Do… pic.twitter.com/B9GJm6iSjv
In the meantime, the trade price of other leading crypto assets surged significantly over Bitcoin, as traders injected their Bitcoin trade profit in altcoins.
The current trade price of Ethereum is 2.32% higher than the last 24 hours’ trade price, which is 2% higher than Bitcoin’s performance.
Ethereum
— Bitcoinik – Next Generation Bitcoin Media (@Bitcoinikdotcom) November 4, 2023pic.twitter.com/e6bS5cfQi9
After Bitcoin & Ethereum, two crypto assets Solana (Sol) & Cardano (Ada) are showing significant competition & better performance amid this bull sentiment.
The current trade price of Sol coin is $40.4 and of ADA coin is 3.12%.
Bitcoin Fear & Greed Index
The Fear & Greed Index is a number that represents the degree of fear among the Investors in any financial market.
The current Bitcoin Fear & Greed index is 68 and this shows that the majority of investors are expecting a very high increment in the trade price of crypto assets.
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