Bitcoin’s price slump continues – Should you change your predictions now?

continued to remain bearish as it witnessed multiple price corrections. Though there must be various factors at play causing the price drop, one of the most important reasons is high selling pressure. Will this cause BTC’s value to plummet further?Bitcoin’s price action caused the entire market to turn bearish as the king of crypto’s value dropped by over 14% last week. In the last 24 hours alone, BTC’s value dropped by over 4%.at $61,396.57 with a market capitalization of over $1.2 trillion.

To better understand whether selling pressure on BTC was high, AMBCrypto checked other related metrics. We found that BTC’s net deposit on exchanges was high compared to the last seven days, further establishing the fact that investors were selling. However, if BTC manages to stay above $61,100, then it might witness a trend reversal and reach its resistance zone near the $66k mark once again. The possibility of a trend reversal can’t be ruled out, as BTC’s aSORP turned green.

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