Bitcoin bears eye $27k as crypto prices get hammered Bitcoinprice BTC crypto
- The selloff in the cryptocurrency market took another leg down on Friday as a late afternoon plunge in Bitcoin has bears looking to test support at $27,000, which has plunged the majority of the altcoin market deep into the red.
Data from TradingView shows that Bitcoin bulls managed to defend the support at $28,000 through the morning session but were overwhelmed by bears in the afternoon, resulting in the top crypto falling to a low of $27,211 with the potential for further losses as the market heds into the weekend.“Bulls are fading fast after prices hit a contract high last Sunday,” said Kitco senior technical analyst Jim Wyckoff, who observed that the “price uptrend on the daily bar chart has stalled out.
The majority of analysts on crypto Twitter were in agreement with Wyckoff that the uptrend is at risk of being invalidated, with many setting their sights on entry points at lower support levels.
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