Red Alert: BTCUSD Vulnerable to Major Sell-Off

Today, Bitcoin ventured to the pinnacle of its extended ascending channel, experiencing a distinct rebound. This bounce introduces a heightened risk of mounting downward pressure, potentially leading to a 20% decline in BTCUSDT. The rationale behind this projected drop lies in the proximity of the nearest support level at $57,981, aligning with the 38.2% Fibonacci retracement level and the lower boundary of the channel.

Given these circumstances, exercising extreme caution in purchasing both Bitcoin and altcoins at this juncture is strongly recommended.

Comment:

Bitcoin sell-off could have come to an end