Indeed, according to Ali Martinez, a crypto market specialist, a Fibonacci retracement level at $38,530 has been identified. The expert believes, if broken, it may cause the flagship digital currency to fall even further, perhaps as low as $27,000. Similarly, Dutch analyst Michaël van de Poppe has pinpointed a similar level of support which he suggests is ‘crucial’ to stop BTC from falling to $32,000 or perhaps even sub $30,000.
Bitcoin is down 20% since March 28
It’s worth mentioning that Bitcoin has also fallen by more than 20% since March 28, with over 64,000 BTC withdrawn from crypto exchange wallets worth more than $2.5 billion. Martinez pointed out: Indeed, since that date, Bitcoin has experienced a significant drop despite the positive sentiment around BTC proponents following the recent Bitcoin 2022 conference in Miami. The flagship digital asset is currently trading back just above the $39,000 level, although it is down 3.42% in the last 24 hours and 5.79% in the previous week, according to CoinMarketCap data. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
