No sooner had the price of Bitcoin passed $27,000 than the bears became extremely active and reduced the price below those levels. The growing adoption of new tokens like PEPE and BRC-20 tokens has forced major tokens like Bitcoin or Ethereum to float in a slow trend. Currently, the price of BTC has fallen back below the crucial support, which has caused a lot of concern among market participants.
As prices fell back below $27,000, a sense of fear prevailed among traders, who believed that a fair downtrend might be looming on the horizon. According to a popular channel platform, SanimentBitcoin’s social volume has hit extremely high highs as traders discuss the price to maintain a sloppy trend ahead.
“With Bitcoin revisiting the $26,000 level, traders are increasingly concerned that prices will fall back into the $20,000-$25,000 range. BTC’s social dominance surged again, usually a sign of fear. Fear signals increase the likelihood of a rebound,”
BTC price failed to hold key support levels between $27,000 and $27,200, and hence it now becomes mandatory to hold the next support zone. If the price fails to hold around these levels, popular analyst Michael van de Poppe predicts that a sharp sweep towards $25,000 could be imminent.
Collectively, Bitcoin price continues to maintain a sluggish trend throughout the coming weekend, which could drive prices extremely low. Although the price of BTC may maintain a sharp decline, primitive tokens are expected to maintain a noticeable upside. Therefore, altcoins are expected to maintain a decent push regardless of Bitcoin price.