At the time of writing, the price of Bitcoin is trading at a price of $30,678.94 and with a 24 hours decrease in price by 10.21%. According to Whalemap, a $27,000 price and a minimum price of $25,000 is a critical key level for market forces made up of buyers and sellers. At this critical support level if attained, since the price of Bitcoin is almost getting closer to its 52 weeks low price of $28, 893.62 according to CoinMarketCap, the following could be the outcome: Increased selling pressure Increased buying pressure Consolidation Increased selling pressure There is extreme fear in the market due to the position of retail investors that are already losing some parts of their gain or agents. Some investors are looking to see what would be obtained. However, if the Bitcoin price falls below its present 52 weeks low price, there is a very strong chances that the selling pressure will be increased. This will cause the price of Bitcoin to fall below the $27,000 price and plummet further. Increased buying pressure Institutional investors and Bitcoin whales might move in to save the market by introducing more funds. This will directly reverse the trend since sellers will start to sell at a higher price due to the presence of buyers that are willing to buy at a higher price. However, the chances for this to happen might be low, since most investors and whales are working towards acquiring more coins at a reduced price: since over ...
