Morning BTC Has Done Things, Plunge Up To $26K!

<p>&nbsp;"It's rubbish with BTC, it's not as fun to go up as it is to go down."</p><p><br /></p><p>At the opening of the Asian market session today, the price of cryptocurrency king Bitcoin (BTC) appears to have plunged to around $26,010 from the $26,700 level as equity markets saw significant selling pressure while the US dollar surged.</p><p><br /></p><p>Reportedly, the S&amp;P 500 and the Nasdaq Composite Index have declined by 2.7% and 3.2%, respectively.</p><p><br /></p><p>The number of long-term holders in crypto who are nearing all-time highs have indicated that they are reluctant to sell any digital assets before the spot BTC ETF in the US is approved.</p><p><br /></p><p>So here it can be seen that long-term investors can not only help the crypto market maintain its price but also take profits when the digital asset makes an upward move to reach new highs.</p><p><br /></p><p><br /></p><p>While it is still uncertain how long BTC will experience further declines from the harsh macroeconomic environment, the number of successful long-term investors has steadily increased could signal that the next bullish momentum is approaching.</p><p><br /></p><p>According to Rachel Lin, Chief Executive Officer (CEO) of SynFutures said $27,800 is a strong resistance zone for BTC in the coming week while $26,000 to $26,500 is its support zone.</p><p><br /></p><p>However, Lin believes that traders will open relatively large positions for puts options* when BTC is at $24,000 and do call options if the price reaches $35,000.</p><p><br /></p><p>*A type of contract that gives the buyer the right, but not the obligation, to buy the underlying asset at a predetermined price and within a specified period of time</p><p><br /></p><p>**The right to sell assets at a predetermined price</p><p><br /></p><p>As of this writing, BTC price has plunged by 1.13% at $26,284 in the last 24 hours with a market cap of $512 billion and has recorded a 0.68% decline over the past week.</p><p><br /></p>