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Bitcoin (BTC) Loses Major Areas of Support, Fall to $24,000 Likely: Report

Wed, 05/24/2023 - 15:40
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Yuri Molchan
An analyst believes BTC may continue declining to a lower demand wall
Bitcoin (BTC) Loses Major Areas of Support, Fall to $24,000 Likely: Report
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Crypto trader and analyst Ali Martinez has taken to Twitter to share the reason why he believes Bitcoin price is likely to keep going down after losing slightly more than 3% over the past 24 hours.

The analyst tweeted that the leading cryptocurrency appears to be dropping from all main areas of support. This makes chances of a big correction higher – Bitcoin now may be heading down to an important demand wall located between the $23,200 and $24,000 levels.

Staggering $1.14 Billion in Bitcoin Suddenly Moved by BTC Whales

This is where 850,000 investors purchased a whopping 340,000 BTC worth $8,946,930,000.

Several major analysts, including the veteran trader Peter Brandt have recently stated that the flagship crypto is likely to continue going down the chart. Brandt tweeted earlier today that he had spotted a “flag” pattern forming on a BTC chart, which indicates a BTC correction may extend further.

Currently, Bitcoin is changing hands at $26,335, according to data from CoinMarketCap.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at