Bitcoin has taken another turn to the downside, at the time of writing, after moving sideways during the weekend.
BTC lost critical support at around $40,000, and seems likely to continue its downtrend. Bitcoin is trading at $38,118 with a 2.6% loss in the past 24-hours.
Bitcoin has reached a delicate equilibrium. As the benchmark crypto moves back into yearly lows, buyers are trying to absorb bears and establish new support.
However, as the report claims, selling pressure has been “persistent” as speculator dump their BTC, probably due to the current macro-economic environment. This status quo has been maintained for over two months, as short-term investors jump out of the market.
This new normal could break at any point if bulls continue to lose momentum, or sellers reached a level of exhaustion.
With prices trading sideways in recent weeks, a relative equilibrium has been established. However, given the limited incoming fresh demand, this delicate balance can be disrupted by any significant degree of seller exhaustion, or conversely a re-invigoration of sellers.
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