Bitcoin is currently in a precarious position. Following what appeared to be a strong rebound, the cryptocurrency has erased its strength and drifted lower, finding some support at $33,000.
This marks an over 10% decline from its overnight highs set at the peak of the recent rally.
This decline may also mark the start of the second wave of selling, as one on-chain analyst who forecasted the last decline is now noting that on-chain data suggests miners may continue dumping their holdings.
Bitcoin Struggles to Gain Momentum Following $30,000 Rebound
At the time of writing, Bitcoin is trading down just over 4% at its current price of $33,800. This marks a notable decline from overnight highs of $36,500.
The crypto set these highs following yesterday’s dip down to $30,000. The cryptocurrency is now trading squarely between these two levels.
This may represent a new trading range for the crypto, although it remains unclear as to whether or not bulls will be able to guard against a break below its support.
On-Chain Analyst: BTC Miners Could Spark the Second Wave of Selling
He notes that miners have yet to stop selling and could absorb any buy-side support from retail investors.
Image Courtesy of Ki Young Ju. Source: BTCUSD on TradingView.
If $30,000 continues being defended as key support, it could allow for Bitcoin to see significantly further mid-term upside.
Featured image from Unsplash. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/2LHQ4wE
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