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Bitcoin Price Alert: More Sellers Than Buyers, BTC Could Drop Further

• Crypto analyst Nicholas Merten warns that Bitcoin (BTC) has officially lost the $30,000 price level and is on its way lower.
• He notes that there are more market participants looking to sell BTC than buy it, which will drive the king crypto’s price lower.
• If Bitcoin closes this week below its current support level, it would confirm another leg down is approaching for the king crypto.

Crypto Analyst Issues Bitcoin Alert

A widely followed crypto analyst is warning that Bitcoin (BTC) is getting ready to sink lower after losing the $30,000 price level. DataDash host Nicholas Merten tells his 511,000 YouTube subscribers that more market participants are looking to sell BTC than buy it – a trend that will drive the king crypto’s price lower.

Loss of $30,000 Price Level

Merten points out that prices have been stagnating around the $30,000 mark, suggesting a range of distribution rather than a demand side. This indicates there are more people looking to offload positions than really buy positions which is causing prices to stagnate yet again.

Closing Below Support Level Confirms Downward Trend

According to the analyst, if BTC closes this week below its current support level then it would be confirmation that another leg down is approaching for the king crypto. He added that it’s not just Bitcoin being affected by this trend as other asset markets aren’t ready to kick off a new bull run either.

Bitcoin Worth at Time of Writing

At time of writing, BTC was worth $29,675 — up 2.8% in the last 24 hours.

Conclusion

Despite currently trading at $29,675 — up 2.8% in the last 24 hours — cryptocurrency analyst Nicholas Merten believes Bitcoin has officially lost its $30k price level and is on its way lower as market participants look to sell rather than buy on BTC markets driving prices down even further if we close this week below our current support level confirming an even steeper downward trend ahead for cryptocurrency markets in general