Following Bitcoin’s (BTC) rejection from the $ 7,300 level, the battle between the Bulls and bears has reached a stalemate and BTC has started trading sideways from its current level. But crypto asset analysts note that if Bitcoin fails to hold above the $ 7,200 level, the leading crypto asset will decline to $ 5,000, with a drastic decline. At the time of writing, Bitcoin was trading at $ 6,790.
This rapid rejection of bitcoin has led to some technical damage to the crypto asset. The decline in Bitcoin could have continued because of the damage received, but with the Bulls ‘ defence the decline has slowed.
After all this, renowned crypto asset analyst and trader Nik Patel said in a statement that a sharp drop was imminent and that the leading crypto asset could fall to $ 5,680 in the coming days due to the pressure placed on Bitcoin.