Is $18K the Pseudo Bottom for Bitcoin (BTC)?

-Experts fear the current estimated support level of $18K may also be pseudo.

-The BTC market dominance fell from 39.14% to 38.2% in just 7 days.

Bitcoin (BTC) falling price below $20K is moving faster towards the bottom of $18K. The market experts fear the current estimated support level of $18K is pseudo, and the currency may very soon hit the rock bottom too. The buy-in-the-dip attitude is majorly not the mindset now. Few even advise clearing out space before it becomes too late.

Peter Schiff’s tweet:

Markets rarely give investors much time to buy the bottom. Bitcoin has been trading near $20K for the past 12 days. More likely $20k will prove to be a false bottom, giving suckers plenty of time to climb aboard a sinking ship. Better to abandon ship before the bottom drops out.

Bitcoin’s Current Ball Game

The state of crypto enthusiasts has not been very firm in the past 15 days. Though we can see an increase in the fear and greed index to 24, which was previously very steadily traveling from 20 to 23. The price value fell below the $20K margin on Sept 1st and is still moving in this $18K to $20K margin.

This fall in price is predicted to be an outcome of a failing macroeconomic outlook. The drop of BTC is not only seen in the price but is also witnessed in the market dominance. On September 1, the BTC market dominance was at 39.14% but currently, it is at 38.2%.

BTC Price Chart (Source: CMC)

At the time of writing, the price of BTC is at $18,791, which is 5.64% lower in the last 24 hrs. The market cap is estimated to be $359B which is also falling.