Bitcoin crashes into a wall of resistance

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Bitcoin (CRYPTO: BTC) has crashed against a resistance wall of around $ 49,200. The sellers at this level have kept a top on the price.

There is a reason there is resistance at this level. This is because it was a support level in April.

See Also: Bitcoin Heads To $ 75,000, Analyst Says

Many investors who bought BTC at this level feel buyer’s remorse after they’ve traded lower. A number of these investors decide to sell, but they don’t want to take a loss. As a result, they place their sell orders at $ 49,200. That’s the price they bought it for.

This high concentration of salespeople provokes the formation of resistance. This is what happened here.

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