Generally, following the massive dip experienced in the month of June, the cryptocurrency market still remains in red. As of today, Monday the 4th of July, 2022, the price of Bitcoin remains below $20,000, while other cryptocurrencies are still underperforming.
With the most popular digital coin worldwide hovering around $19,000, investors are currently scared of taking any risk, especially with the fears of recession, geo-political unrest, and high inflation that have plagued the world at the moment.
In his recent statements, Edu Patel, the CEO, and Co-Founder of Mudrex, an all-in-one investment platform that creates investment solutions and automates investing for an average investor, believed that the price of Bitcoin could still potentially crash below $16,000. In his words, “with the crypto cryptocurrency market consolidating for the past few days, the support and resistance levels for bitcoin and Ether would be crucial levels to watch out. Technical analysis reveals that bitcoin could go to as low as $15,600 mark if the support levels fail.”
As expected, not only is bitcoin bearish at the moment, every other cryptocurrency, by and large, is in red. Today alone, Solana crashed by 0.67%, Dogecoin was down by 0.48%, Shiba Inu was down by 0.09%, and so on.
While these may be terrible times, especially for spot traders, according to Patel, “it would be interesting to see how the price action plays out over the coming few days.”
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