BTC Suddenly Falls, Price Expected to 'Retest' Previously At $34,600?

<p>&nbsp;"Investors must be surprised to see the price of BTC rise so fast and then fall."</p><p><br /></p><p>Immediately after peaking as high as $37,955 on November 15, 2023, cryptocurrency king Bitcoin (BTC) yesterday unfortunately saw momentum decline again as its price fell to $35,500.</p><p><br /></p><p>According to CrediBULL Crypto, leading analysts expect BTC price to retest at $34,600 first before continuing higher to break its strong resistance zone at $38,000.</p><p><br /></p><p>CrediBULL Crypto also said that most of the profit-taking was from the implementation of long positions in the past few days, therefore a retest may occur after the short sellers are found to have exited the crypto market.</p><p><br /></p><p><br /></p><p>Through observation, there was $217.79 million liquidated by 77,200 traders from the crypto market in the last 24 hours while the digital asset's liquidity figure is currently at $61.42 million.</p><p><br /></p><p>BTC's downward trend is not for the long term as CrediBULL really believes now is the time for the price of the digital asset to bounce back up.</p><p><br /></p><p>However, it should be noted that the decline in altcoin prices can reflect how strongly most of them depend on BTC, where Solana (SOL) is down more than 8.81% while Cardano (ADA) and Ripple (XRP) are down 0.65% and 3.98% respectively in the last 24 hours.</p><p><br /></p><p>As of this writing, BTC price has plunged by 2.53% to $36,535 in the last 24 hours with a market cap of $714 billion and has recorded a 0.41% decline over the past week.</p>