Summary
- Cointelegraph reported that Bitcoin broke below a major lower support level.
- Bitfinex market analysts said Bitcoin fell to $105,250 after failing to break above $109,000.
- It was projected that there is a possibility of an expanded downside range in the coming days.
Bitcoin (BTC) has broken below a key lower support level, raising expectations that it may enter a bearish sideways phase for the time being.
According to Cointelegraph on the 2nd (local time), Bitfinex market analysts stated in a report, "After failing to break above $109,000 last Sunday, Bitcoin dropped to $105,250. As it failed to hold the major support, there is a possibility the downside range may expand to the $104,500 level for the time being."
The report said that the current Bitcoin chart is stuck between a downward trend line and a moving average, which may lead to an expanded downside range in the coming days.
YM Lee
20min@bloomingbit.ioCrypto Chatterbox_ tlg@Bloomingbit_YMLEE
