Why is BTC going down like it does the last days? Straight down.. Down around 10% (?)
From around 30K to around 27K.
I guess these are the reasons.
1. It already hit the resistance which is the $30,000. Yes it went to as high as $31,000, but $30,000 is the psychological resistance as of the moment, and it already hit that price thus, many sold at that price, putting the price go down in the past few days.
2. Markets move in cycles. I guess we all know that markets move in cycles whether it's crypto, or stock market, or any other assets out there. It goes up, and it goes down, and it's what's happening with Bitcoin as well. Wait for it to go up again after this downward movement.
Do you guys think it will turn the other way soon and go straight up again or will it keep going down?
I thinked this year would be a good BTC year and i still think it will be! But I did not see this coming to be honest.
The support right now in the short term is the $28,000, and currently we are below that price so maybe we might see some downward pressure towards the price of Bitcoin. I also don't see any reason for Bitcoin to go up right now unless either there will be some good news that will happen, or the bulls will regain control.
Nevertheless, there's no need to panic if you will ask me because movements like this happen all the time. We've also seen Bitcoin going down more than 15% in just a single day, so I guess there's no need to worry about with this sudden downwards movement. You didn't see it coming? I guess you will already know what to expect in the future because this kind of movement will happen again any time soon.