Very important update about BTC next move!

​​💎BTC/USD🎄FREE UPDATE🎄

-Yello ladies and gentlemen😎📉

💎Bitcoin just wonderfully pumped from our acting support at around 17,600-18,000$ after seeing yet another rejection at around our 20k local resistance marker.

💎While this not come as a surprise to ParadiseTeam, because we anticipated Bitcoin to trade within this same range (consolidation zone), a definite break of this support zone (daily close bellow 17600$) would be quite bearish for the short term. And it would likely result in a further pullback towards our 0.618 Fibonacci strong support zone ($16,500-16,000$).

💎Fundamental driving forces behind the ongoing decline💎
- BTC miners selling
- Sharp increase in BTC supply on exchanges.

💎Data from crypto behavioural platform Santiment notes that Bitcoin's Exchange Supply made its highest upward move in 5 weeks yesterday. Approximately $278M worth of tokens is now on exchanges that weren't there before.
💎Looking more closely at what BTC miners are up to, data from CryptoQuant shows that miners that were previously inactive have begun to sell Bitcoin once again. Also in the mix is the expected rehabilitation plan; from Mt.Gox, which involves allocating almost 140,000 Bitcoin to users who lost funds during the bankruptcy of the exchange. Theoretically, this could also create some further downward price pressure, which would send the price deeper.

💎The price action of BTC and alts still look pretty weak. Probably, we will see an extended drop before institutions, such as Grayscale Investments, start to step in at bargain levels.🚀

💎Also worth noting that we do have an unfilled gap on the Bitcoin CME futures chart, around $16,500. Generally, 95% of CME gaps get filled, which raises the probability of price reversing back to this area and taking out today's low.

💎Such a drop would still be considered as a healthy pullback in comparison to the rise we saw during November. We have illustrated two potential scenarios we believe are possible on the daily chart. In short, a break of support would suggest a short-term sell; until then, we can naturally expect BTC to remain trading within the consolidation zone.

💎Altcoins have seen a mixed reaction with this recent volatility in BTC, while most have followed the drop, some coins have held strong! Binance launch pool coins, in particular, had a very positive reaction.