Bitcoin Bulls Are Close to Losing Another Battle in the Market
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The situation in the market is quite depressing if you are trading BTC or entering a long-term position. Despite a significant reduction in sell-off volumes and the fall in numbers of BTC wallets that are transferring money to crypto exchanges, BTC is barely holding on to the $19K support level indicating that the worst is still ahead.
What is happening in the market?
Bitcoin has already dipped to the scary $18.1K mark on September 21. Bulls managed to fight off the pressure from bears, but the overall picture in the market did not change. It seems that the crypto winter is still going strong without any hope for rapid recovery. The global economy not showing any signs of recovering its health is also a big contributing factor because crypto and stocks have been moving in tandem for a while now.
Many institutional investors who panic over the current situation want to hedge against inflation, but traditional instruments are more attractive to fund managers. Real estate, land, and stable commodities are still the most appealing destinations for investors who want to save their capital from the inflationary pressure that the US dollar and many other fiat currencies have been experiencing recently due to a host of various macroeconomic factors.
BTC is suffering just like many other assets, but it has been performing well. The dip under $20K was a big hit for the whole crypto community, but many believed that it will not stabilize below $20K. This notion was dismissed by bears on September 21 when the asset was trading at $18,111 for a couple of minutes.
It seems that the Bulls are losing the fight
One of the biggest battles for this week was for the $19K support line where the Bulls should have fought as hard as possible. The line held for a while. As of the time of writing, BTC is trading at $18,987 which is very close to $19K, but it is still a little bit less. The price has been moving in a horizontal direction for a long time which is a rare sight in the crypto market.
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