Bitcoin, the top cryptocurrency, fell below the critical price support over the weekend, due to several adverse developments.
Experts now fear that the top cryptocurrency’s price may fall further if it fails to hold the $38,000 price level.
Simultaneously, support at $38,000 could be holding due to the increase in the buy-the-dip sentiment,” Darshan Bathija, CEO and Co-Founder of Vauld, told FE Online.
Bathija said this count has increased significantly over the last two weeks, implying most of the in-profit transactions are highly geared toward selling.
Over the past week, Bitcoin has been trading below the psychological level of $40,000 with low volumes.
Technically, on a daily chart, BTC is forming a falling wedge pattern.