[Analysis] "Bitcoin (BTC), Key Support Level at $82,000... Market Sentiment Still Bearish"
Summary
- It was reported that Bitcoin has formed a key support level at $82,000 after the recent decline.
- Most traders are realizing losses and closing their positions, according to the report.
- Despite market volatility, Bitcoin is maintaining an upward trend on a weekly chart basis, according to the outlook.
Amid an overall bearish trend in the cryptocurrency market, an analysis suggests that Bitcoin (BTC) is forming a key support level at $82,000.
On the 1st, Adam, a researcher at Greeks.live, a cryptocurrency options analysis firm, stated through X (formerly Twitter), "After the recent sharp decline, strong bearish sentiment has taken hold in the market," adding that "traders view $82,000 as Bitcoin's key support level."
He noted, "Most traders are realizing losses rather than extending their positions in the process of recovering losses," but also predicted that "despite recent high volatility, Bitcoin is maintaining an upward trend on a weekly chart basis."
He also added, "Some investors attribute the recent sharp decline to a lack of buying pressure and options expiration," and that "in reality, price movements did not fluctuate significantly at the time of the last options expiration."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
