- Over the last month, Bitcoin’s value has been steadily declining.
- Bitcoin’s price has formed a “head and shoulders” pattern.
Today bitcoin reached $41,000 price level, down from $45,000 only a few hours earlier. Except for ATOM, which has gained more than 16 percent in a single day, other cryptocurrencies are in similarly bad shape.
The pair began to fall again, breaking through the floor of liquidation observed in December. In the trading community, the emphasis has been on a repeat of September’s $30,000 lows, with the possibility of a drop below that level being a realistic goal.
42.5K-The Crucial Price Level
According to Wolves of crypto, Bitcoin’s price had formed a “head and shoulders” pattern and was expected to bounce off the 42.5K level, which has acted as support several times in the past. According to the expert, this support line has been the most significant in the last year.
#Bitcoin has dropped down even further to 41k. What are the charts telling us?https://t.co/f2M1DpUepj#cryptocurrency #cryptotrading
— Wolves Of Crypto 🐺 (@WolvesofCrypto_) January 7, 2022
In addition, the analyst points out that bitcoin is reaching a death cross, which is the 50 SMA crossing the 200 SMA, forcing the price down. This is a trigger. 42.5k is a fundamental level of support, and as the price broke this line, we may see 30k. Just in case if it had bounced off, we could have expected 53k.
Over the last month, Bitcoin’s value has been steadily declining. The BTC price has fallen more than 40% from its all-time high of $69,000 in November. The price of Bitcoin has fluctuated dramatically over the previous decade, which has always been the case. According to CoinMarketCap, the Bitcoin price today is $42,394.22 USD with a 24-hour trading volume of $61,908,921,060 USD.
