Bitcoin price has been tumbling real hard and we are yet to see any positive movement to the upside. This is due to several regulations and the ban on the use of bitcoin in various countries. This is putting a lot of fear in the minds of people even though they are certain of the durability of bitcoin. We now believe that bitcoin is here to stay no matter what regulations are made against it.
Investors are losing out fast as the price of bitcoin is depleting rapidly. Last week’s price was held by strong support creating a rejection. It’s certain that the price will break this support level, $34,018, and move to the downside.
Looking at the technical indicators:
- Major Support Level – $34,018