Bitcoin Price Prediction as Crypto Markets Suddenly Sell Off – Where is the Next Target?
In a surprising turn of events, the cryptocurrency market witnessed a sudden sell-off, causing Bitcoin price to plummet by more than 3% from its previous level of $31,750 to $30,290.
The rapid decline has caught many investors off guard and left them wondering about the next target for Bitcoin's price.
While the exact reasons behind this sudden sell-off remain unclear, one possible factor could be the influence of stronger-than-expected Preliminary University of Michigan (UoM) Consumer Sentiment figures on BTC.
The preliminary data from the University of Michigan's consumer sentiment index reveals a reading of 72.6, surpassing expectations of 65.5 and June's figure of 64.4.
Positive consumer sentiment often indicates a healthier economy and can result in increased investor confidence in traditional markets, potentially diverting funds away from cryptocurrencies like Bitcoin.
Following this sell-off, traders and investors are closely monitoring the price levels and market indicators in order to identify the next potential Bitcoin price target.
Taking a closer look at the technical analysis of Bitcoin, we observe a significant pullback after failing to surpass the crucial resistance level at $31,793. This level presents a double hurdle for Bitcoin's price action.
Currently, Bitcoin is trading around the $30,300 level, finding support near the $30,000 level, which is further reinforced by an upward trendline. The closing of candles above the trendline indicates a persistent bullish sentiment.
However, potential resistance lies around the $30,411 mark, which could impede Bitcoin's upward movement.
Thus, we can identify immediate support for Bitcoin around the $30,000 level. If this level is breached, the next support level to
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