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The Fear of Uncertainty (FUD) around Bitcoin’s (BTC) downward trend is not yet over. Today, BTC price had plummeted drastically like never before when the crypto market was changing hands for bearish mode.
At press time, Bitcoin’s price trades within the $43,058.30 range on CoinMarketCap. Also, it has a market capitalization of over $817 billion and $42.93 billion as its 24h trading volume. With this BTC rally, there is a stigma that Bitcoin could see an immense sell-off in the coming days.
Reportedly, the sell-off action may be possible if Bitcoin fails to recover soon.
On the other hand, to raise the bar for BTC price, people believe that traders have what it takes to pump the price. They can do this by accumulating more bitcoins instead of selling them.
In fact, bearish sentiment has been building in cryptocurrency, especially around Bitcoin of late. Unlike BTC’s stunning performance at the beginning of 2021, the crypto space thinks that 2022 would be starting with the same feeling.
The flagship crypto is presently down by 8.24% in the market. It keeps sinking more and more showing no upfront sign of bouncing back.
According to a report, Bitcoin’s technical setup showcases that there is a probability that it will further decline to remain bearish in four to five days before it recovers.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.