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The Psuedo Bottom of Bitcoin (BTC)

Experts are concerned that the current estimated support level of $18K is probably pseudo. The market dominance of BTC dropped to 38.2% from 39.14% in a week. The falling price of BTC below $20K is steadily moving towards the bottom of $18K. And this has led the experts to believe that the current estimated support level of $18K is pseudo– the currency is potentially expected to hit rock bottom now.

People are not buying the dip anymore. Some are even advising to clear out space before it gets too late.

The market leader’s ball game

Crypto enthusiasts have not been very enthusiastic in the past 15 days. There has been an increase in the fear and greed index to 24, which till now was steadily travelling from 20 to 23. The price value dropped below the $20K margin on Sept 1st and is moving between the $18K to $20K margin.

This awful drop is potentially the outcome of a failing macroeconomic outlook. The BTC drop is not reflected solely in the price but also in the market dominance. The BTC market dominance was 38.14% on September 1, but it is at 38.2% now. The price of BTC is $19,285.50 at the time of writing.