Today the Crypto market has turned into a bloodbath after most of the cryptocurrencies have extended their loss. After Bitcoin price started the year on a much positive note, it gave traders a hope for a major bull run. However, with its current trade action the market participants are once again doubting the crypto market stability.
This crypto market clash was followed by SEC’s crackdown on Kraken for its unregistered sale of crypto staking. At the moment, Bitcoin is priced at $21,800 after a decrease of 4.23% over the last 24hrs.
Bitcoin Juggles Between Bears And Bulls
Meanwhile, a renowned crypto analyst and trader known as Rekt Capital warns his followers over Twitter that Bitcoin might soon lose its major support area. As per the analyst Bitcoin needs to maintain its price action above $22,692 to keep the bulls active.
However, on the brighter side the trader still shows hope as he claims that the flagship currency still has a chance to regain its lost bull ride. Hence, he believes that the above said is the major level to watchout for.
Next, the analyst makes an effort to make his followers understand about crypto trading psychology. As per Rekt Capital, once a trader experiences a positive trade, the wish to get more of such trade increases. But the analyst urges to go against it and let go of that desire. This is because he believes that the next trade will be a more logical one rather than emotional.
On the other hand, the trader also warns not to get carried away by Fear of Missing Out (FOMO).
Hence, the next few days are very critical for Bitcoin price which will decide the future price action.
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