Plunge

Bitcoin

The post <a rel="nofollow" href="https://coinpedia.org/price-analysis/attention-traders-bears-captivate-29000-levels-btc-price-may-withness-another-massive-plunge/">Attention Traders: Bear’s Captivate $29,000 Levels, BTC Price May Withness Another Massive Plunge</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
After trading within a prolonged period of uncertainty, the Bitcoin price appears to be materializing the term ‘Uptober’. Despite the interim losses, the price continues to flash bullish signals that indicate a larger possibility of reaching the short-term milestone of $30,000 in the next few days. As a result, the bears have found a nice opportunity to cash out their profits, which may certainly not be a good sign for the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">BTC price</a> rally. 
The token made a massive rise in the past few trading days, reaching above the crucial levels at $29,000. Although it faced a minor pullback from these levels, it continues to display huge bullish momentum. Ever since the start of the year, the traders have been extracting small profits at minor spikes, and a similar action is expected to occur very soon. A popular analyst, <a href="https://twitter.com/ali_charts/status/1714527645038219387" target="_blank" rel="noreferrer noopener nofollow">Ali, shared data</a>, according to which investors are going against the trend. 
<img decoding="async" src="https://lh7-us.googleusercontent.com/mDGjBHRPY02LMsg8ojqnNIM6Et1EntppA051d6t5U8vlLZ-q8XGupg4QFI16Sz7v3z2Y8aiHx_-YUX_Jwxcf4NkAsKOHMqYM0gYs4Quy8fag1PY4zOSLGps_4htEazjuhRDUArcgCZa6XKS2NOQqZmM" style="width: 100%"> 
According to the above data, traders have begun to short BTC heavily, expecting the price to continue to plunge. As the Bitcoin price approached $29,000, nearly 51% of all the accounts on the Binance exchange with an open BTC futures position went short. This indicates that the traders believe the price may undergo another rejection, as it did a couple of days before. 
However, this can also be considered a huge bullish signal, as the price could rebound finely and trigger a fine rise as soon as the short positions are closed. This could propel the Bitcoin price not only above $29,000 but also closer to $30,000. The BTC price, after rising above the crucial resistance at $28,446 failed to strengthen its presence above $29,000. Despite a significant pullback, it continues to trade around the same levels, indicating strength among the bulls. 
Therefore, larger possibilities of a continued ascending trend may be expected that may assist the Bitcoin price to regain the lost levels above $29,000.

Attention Traders: Bear’s Captivate $29,000 Levels, BTC Price May Withness Another Massive Plunge

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