Is The Bitcoin Sell-Off Not Over? Traders Looking for Another Nuke to $45k – Investing.com India

Is The Bitcoin Sell-Off Not Over? Traders Looking for Another Nuke to $45k – Investing.com India

Bitcoin is currently trading around $56,500, after getting a boost from Venmo announcing crypto support; working on changing the red market into the green.While the leading digital asset had nearly a 23% pullback, a crash that came in line with the hash rate collapse due to an accident in Northwest China which, as reported, has already started to make a recovery, not everyone is confident that we have bottomed out.Several market participants are calling for a deeper pullback still with trader Josh Rager pointing out that Bitcoin is breaking below structure and below the 50D EMA with the price to hit $45k area in the next few weeks though it won't be without volatility, so bounces are expected along the way.While the bull market is not expected to be over, given that BTC continues to move out of exchanges — 118,000 BTC over the past five days — in anticipation of higher prices, another trader, Smart Contractor, says either we sweep the flash crash lows again and bounce, or we continue to 45k before the bounce.“Short-term bearish. Long-term bullish. I'll keep my bearish bias until the estimated leverage ratio, and Korea premium cools down,” comes from Ki Young Ju, CEO