Bitcoin price has yet again slumped below the crucial $20,000 level as the market conditions are turning slightly bearish. The asset dropped significantly and is heading towards the 50-day MA support levels, beyond which the possibility of a major slump hovers around the BTC price. While the price may try hard to sustain above the crucial demand zone and could rise well beyond $21,000 in the coming days.
The global markets are turning bearish as the strength of the dollar is failing to rebound finely. Meanwhile, the crypto space, specifically Bitcoin, is expected to rebound finely, regardless of the fact that the asset may still not be believed to sustain at the gained levels for a longer time. But until then, the BTC price is expected to surpass $20,500 to $21,000 as predicted by a popular analyst.
The well-known analyst, il Capo of Crypto, believes that the DXY Index, which measures the strength of the US dollar, is failing to register a strong rebound. On the other hand, the SPX is hovering at the support levels. Therefore, in such a case, BTC price is expected to rebound from the bearish divergence and lay down a significant uptrend very soon.
However, the analyst records a couple of huge transfers of nearly 150 million in USDC from an unknown wallet to Coinbase. Therefore, he believes that a significant pump could be in store for the Bitcoin(BTC) price in the coming days.
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