Major Flush Down Incoming for Bitcoin, According to Crypto Analyst Nicholas Merten
Analyst and trader Nicholas Merten is expressing bearish sentiment on Bitcoin (BTC) amid the flagship crypto asset’s failure to rise above a key resistance level. In a new video, Merten tells his 509,000 YouTube subscribers that a correction for Bitcoin is imminent.
“I think there are some significant warning signs that people are ignoring right now. There’s a lot of complacency in the market and a lot of people are not prepared for a major flush down that could very well play out here over the next week or two.”
Merten says that one of the warning signs for Bitcoin is the fact that BTC has failed to record a daily close above the $71,500 to $72,500 price.
Bitcoin price chart showing resistance level
“Every single time we’ve come up here towards around $71,500 to around $72,500, this has been a range where we constantly get shot down.”
According to the widely followed analyst, the rejection that Bitcoin is facing at the level just below the all-time high is an indication of the presence of heavy selling pressure.
“It is showcased that over the last 3 months, we have been basically ranging at the same price range… this is the previous all-time high range back in the past… around $69,000, which is where we peaked out last time in 2021.”
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Trump’s Appeal to Bitcoin Miners Is a Wakeup Call for Crypto to Stay Apolitical
Former President Donald Trump is calling for a domestic bitcoin mining industry to develop in the U.S. Perhaps with a bit of hyperbole, the Republican presidential candidate said Tuesday he wants “all the remaining” bitcoin – about 2.1 million units – to be produced in the U.S., arguing it would help the country become energy independent and counter the development of a central bank digital currency.
 Trump speaking at Mar-a-Lago
The announcement, made on his Truth Social social media platform, followed a talk between Trump and Bitcoin Magazine CEO David Bailey in front of representatives from leading bitcoin mining firms CleanSpark, Riot Platforms, Marathon Digital at the former president’s Mar-a-Lago resort in Florida.
The latest in a series of increasingly pro-crypto statements – including a pledge to defend the right of self-custody, accept crypto campaign donations and “keep Elizabeth Warren and her goons away from your Bitcoin” – has drawn mixed reactions from crypto advocates.
The Real Question Here Is Whether the U.S. Attempting to Dominate the Bitcoin Mining Trade Through Government Support or Even Subsidy Would Inspire Other Governments to Incentivize Domestic Mining
It’s unlikely the hashrate would ever centralize in any one region, given that there are bitcoiners the world over, who would be difficult even for the President of the United States to prevent from mining.
So the real question here is whether the U.S. attempting to dominate the bitcoin mining trade through government support or even subsidy would inspire other governments to incentivize domestic mining.
