Bitcoin has spent number of days beating around $28k, And looking at the Bitcoin price Chart, it's getting weak and Exhausted at $28k and the current price of $27k forming an up C curve, most likely that we will head back down to $25k to test that support level once again if failed to break towards the up side when the CME market opens tomorrow.
As lot of people are targeting to take profit at $30k, sometimes price might not get there and get a major pull back before actually going back up to hit the price and even make more higher prices.
Today Bitcoin market seems to be affected by the news about CZ being sued by the CTFC, Bitcoin price seems to react about this news and plunges a little more than 3.50% today. Though it has somehow recovered but I think the news will still have lingering effect especially when it becomes worst. We might see Bitcoin to revisit $26k down to $25k if the matter become worse and the market sentiment turned bearish because of the news.
There is panic over the current state of the market although the overall picture is still good. But from this stage it can back down and turn bullish. So we have to wait this week to judge the next market movement. But the current range $27k is certainly a good position. Hope fully it will be positive.
Why will they panic? I mean for what reason? I ask because I didn't see or hear any negative news but all I can see is just a small decline in the price of BTC but we are still close to the highest this week which was $28k. This isn't something worthy to panic with but if ever there are panic that is happening, that will only be panic buying as there are still people who are rushing of filling their bags just before we reach the true bull run and there's also traders and short term investors who are taking advantage of the price volatility.
We are only in the weekend and people are less active now but wait till we return on Monday or on working days as the market will also return to normal.
Binance owner CZ had been sued and there are leaked chats that can do harm to CZ and the platform. So this news brings uneasiness in the Bitcoin market.