Bitcoin bearish have come out in force to plunge to the 60K level

The current scenario for Bitcoin price action favors the bearish after the plunge to the $60,000 area, although after the Havilng the price remained in a sideways and apparent accumulation zone the current pullback casts doubt as to whether the price can really continue higher.

The truth is that the current scenario is looming for the bearish to take control of the Bitcoin price action, we will have to wait how the price behaves after the FED makes its announcements, this because, if the announcements made by the FED are negative it is highly likely that the price action will plummet from the level located at 60K.

According to information disclosed by William Suberg, "The already cautious mood turned firmly bearish when it became known that first day trading volumes for the new Bitcoin ETFs in Hong Kong had fallen considerably below expectations."

On the other hand, according to Bloomberg Intelligence analyst Eric Balchunas, "the timing of the Hong Kong launch would contribute to overall spot ETF flows at a time when U.S. volumes had turned slightly negative."

Similarly Yann Allemann and Jan Happel, co-founders of on-chain research firm Glassnode indicated that, "Given that the market favors a 'buy on dips' strategy, bullish sentiment persists. However, a break of the USD 60,000 support may lead to further stability at the USD 52,000 level, which historically attracts buyers and reinforces the uptrend."

Cointelegraph. Bitcoin sub-$60K levels in focus after daily crypto liquidations near $300M. Link

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