The past crypto market crash was a harsh one, especially for Bitcoin. After breaching the 60K mark, many independent events led to the crash of Bitcoin, along with the whole cryptocurrency market. On top of that, Bitcoin’s market dominance is on the decline, currently around 40%. From a technical viewpoint, Bitcoin broke a major support area which might lead to a further decline. What will happen to the Bitcoin price?
The Story so Far – What happened to Bitcoin?
Bitcoin prices were going on a steady uptrend with healthy price adjustments. The first “red alert” happened on the 18th of April when prices broke out the uptrend and lost around 16%. Not only that, but the recovery failed to regain the 60K territory. This lead to a break from the buy-side, and higher volumes from the sell-side. The uptrend line was broken, and bad fundamentals spread in the market: the perfect mixture for a stop in an uptrend.
Bitcoin Price Prediction – Where is BTC price headed towards?
Now that the uptrend break is confirmed, we can start planning for potential areas where BTC prices might reach. From the price of 60K, the 48K area was a clear target. In fact, we’ve spoken so many times in previous articles about the importance of that price area. Prices consolidated many times before around the 48K area. Today, the current price breached even lower and reached a price of USD 47,200.
This shows that the selling pressure is strong, and the price can still deteriorate to reach the next support area, which is the 42K price. It is important to note that when we talk about price areas, we mean all prices that are included in a + or – buffer of 2%. The bigger that buffer is, the more accurate your technical charting would be.
The Crypto Market as a Whole
In the past 24 hours, most cryptocurrencies were seen either consolidating or down for the day. Prices tend to stagnate during a Sunday. On the other hand, other smaller projects saw a jump in prices, like Harmony (ONE) +23%, BaleryToken (BAKE) +18, and Solana (SOL) +17%.
1- Bitcoin (BTC) : – 1.2 %
2- Ether (ETH) : – 4.7 %
3- Binance Coin (BNB): – 0.6 %
4- Cardano (ADA) : + 3.1 %
4- Dogecoin (DOGE): + 4 %
6- Tether (USDT) : 0 %
7- Ripple (XRP) : + 2.3 %
8- Polkadot (DOT) : – 7.4 %
9- Internet Computer (ICP) : – 8.8 %
10- Bitcoin Cash (BCH) : + 1.4 %
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Rudy Fares
