With the price of Bitcoin (BTC) falling the knock-on effect is an even sharper correction in altcoins and DeFi tokens. At the time of writing, BTC siesta price is trading in the price zone near $35K its lowest level in 6 months and most analysts are not optimistic about an immediate turnaround.
Some of the most well-known traders in the market have responded to this pullback compared to the retracement in June 2021, analyst Michaël van de Poppe has posted the following chart highlighting key support zones for each period of weakness.
Van de Poppe said,
“In June → People are waiting for $23.000 to $25.000 to buy. Now → People are expecting $30.000 to buy. Similar false breakout on the positive side to later turn into support. ”
A similar point of view was offered by pseudonymous trader and Twitter user 'Fomocap', who posted the following chart outlining how BTC could behave in the coming days.
Fomocap said,
“Relief jumps to $44.000 – $42.000 again if the rejection is $35.000 to $33.000. What do you think?"
