Cryptocurrency analysts are expressing caution about Bitcoin‘s (CRYPTO: BTC) near-term price action, pointing to continued government sell-offs, market liquidity issues and the uncertainty surrounding the altcoin market as bearish factors.
What Happened: Pseudonymous analyst Altcoin Sherpa indicated lack of buying pressure, cautioning about selling pressure due to the government’s ongoing Bitcoin liquidation.
He also warned that overleveraged traders could face substantial losses if Bitcoin drops below the $90,000 level, leading to potential wicks down to the mid-low $80,000s in specific scenarios.
According to Sherpa, absorption of the sell-off isn’t assured, meaning Bitcoin faces a precarious situation.
Analyst Kevin supported Sherpa’s analysis, Full story available on Benzinga.com
3 Bearish Factors That Could Drag Bitcoin Below $90,000
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