BITCOIN - Will the decline continue?
Updated
Bitcoin's $ 40,000 support fell sharply yesterday to $38,400. But will the decline continue?
Bitcoin dominance over the digital currency market is about 42.3%, and the total market cap of cryptocurrencies is about $1.76 trillion, down 4% from yesterday. The trading volume of the last 24 hours is estimated at $83 billion.
Altcoins have also fallen in price with the recent drop in bitcoins. Ciphers like Waves have dropped by about 15%. And Celo and Anchor Protocol currencies have experienced slight growth of around 5% and 7%.
The fear and greed index was at 22 today, which indicates the Extreme Fear range. Yesterday, the index was in the Fear range and showed 33.
Bitcoin lost $40,000 in support again yesterday, falling below $38,400. The price is currently trading at $39,000.
✅ But will these losses continue?
In the daily channel, Bitcoin breaks the middle line of the channel downwards. Of course, the positive point is that the price below this line has not stabilized, and it is still possible to return to the top of the line if Bitcoin is supported. If the price returns above the midline of the bullish channel, its next destination will be the channel ceiling.
But if the decline continues and the acceleration accelerates again, it is possible that bitcoin will reach the bottom of this channel, which is the support of $35,000. Of course, $39,000 and $36,000 are good supports for Bitcoin, and the price may be back before it reaches the bottom of the channel.
✅ It is better to know this news today:
1- Switzerland intends to block Russian cryptocurrency assets in that country. It will seize the crypto assets of active Russian companies and Russian citizens.
2- Bitcoin whales moved nearly 11,000 bitcoins in an hour. These transfers have certainly been effective in recent price declines and have taken place in two transactions.
Bitcoin dominance over the digital currency market is about 42.3%, and the total market cap of cryptocurrencies is about $1.76 trillion, down 4% from yesterday. The trading volume of the last 24 hours is estimated at $83 billion.
Altcoins have also fallen in price with the recent drop in bitcoins. Ciphers like Waves have dropped by about 15%. And Celo and Anchor Protocol currencies have experienced slight growth of around 5% and 7%.
The fear and greed index was at 22 today, which indicates the Extreme Fear range. Yesterday, the index was in the Fear range and showed 33.
Bitcoin lost $40,000 in support again yesterday, falling below $38,400. The price is currently trading at $39,000.
✅ But will these losses continue?
In the daily channel, Bitcoin breaks the middle line of the channel downwards. Of course, the positive point is that the price below this line has not stabilized, and it is still possible to return to the top of the line if Bitcoin is supported. If the price returns above the midline of the bullish channel, its next destination will be the channel ceiling.
But if the decline continues and the acceleration accelerates again, it is possible that bitcoin will reach the bottom of this channel, which is the support of $35,000. Of course, $39,000 and $36,000 are good supports for Bitcoin, and the price may be back before it reaches the bottom of the channel.
✅ It is better to know this news today:
1- Switzerland intends to block Russian cryptocurrency assets in that country. It will seize the crypto assets of active Russian companies and Russian citizens.
2- Bitcoin whales moved nearly 11,000 bitcoins in an hour. These transfers have certainly been effective in recent price declines and have taken place in two transactions.
Note
💎 We believe that everyone can trade and deserves the opportunity to succeed in the world of cryptocurrency and take advantage of its potential.
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.