The post Why Bitcoin is Going Down and How Low It Can Go? appeared on BitcoinEthereumNews.com.

Bitcoin is showing signs of rising bearishness amidst high greed in the market. The overall crypto market cap has dropped by 5.44% reaching $3.43 trillion in the last 24 hours. Historical level of liquidations was witnessed specifically in the last 12 hours. But why is this happening when everyone is so positive about the market and how far Bitcoin can fall? Are you wondering why bitcoin is going down today? Let’s analyse what is happening with the market. High Greed Brings High Risk If you have been in the crypto space for a while and have seen at least one crypto cycle you would have seen such things happening before. When the market goes into a sentiment of high greed for many days and people get comfortable with the bull market, it retraces. It is always traders vs. the market and who has more power? Obviously the market. The seasoned professionals always suggest people to be scared when the market is greedy. Such times are the perfect time for the market to take money from traders. Technical Side of Bitcoin After facing rejection from the new ATH, Bitcoin had taken a downturn of about 13.60%. Though it did not close there and it came out only to be a shadow. The asset held itself and tried to rise again however failed to do so. BTC kept on riding the Moving average 20 for quite some time before falling below it on December 9 which triggered a panic in the market. Following this, Bitcoin fell under the Moving average 50 and then 100. This is enough shock for the market. BTC is currently trading at $96,607, a 2.90% drop in the last 24 hours. The trading volume pumped by 118% as traders started shorting the asset. How down can it go?…

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Filed under: News - @ December 10, 2024 5:24 am