The cryptocurrency sector has witnessed a notable decline this week, as the leading digital currency Bitcoin (BTC) faced considerable selling pressure, causing investors to withdraw from the market.
In a recent development, Bitcoin encountered a dip to approximately $25,800, which was influenced by the news of Binance ceasing its operations in Canada. This announcement had a detrimental effect on BTC’s performance.
However, Bitcoin swiftly rebounded and surged from $25,800 to $27,000, presently maintaining a trading range around $26,800.
The weekly closing of the cryptocurrency market is scheduled for tomorrow evening, during which BTC needs to stay within the support range of $26,800 to $27,200 when the weekly candle concludes.
Although trading volumes in the crypto market typically decrease significantly over the weekends, there is still a higher likelihood of witnessing upward movements during these two days.
With the drop to $25,800, BTC has temporarily put an end to its downward trend. If it manages to conclude the week within the support range of $26,800 to $27,200, it could potentially experience more substantial gains in the upcoming week.
However, should Bitcoin close below this support range for the week, it may lead to a decline to approximately $25,000 in the following week.
It is important to note that this article does not provide investment advice. Individuals considering investment should conduct their own research and assume their own risks.
