Bitcoin prices fell from a high of USD 69,000 all the way to a current price just above USD 40,000. This 40% decline within 2 months definitely took a toll on crypto investors. The ones who opened positions higher than a Bitcoin 40K price are currently in the red. On the other hand, Bitcoin’s technical formation is showing a sign of a potential reversal. Should you buy Bitcoin at today’s price of around 40K? Let’s see where the crypto market is currently at, and lay a trading setup.
Bitcoin Lost 40% in 2 months – Is the Downtrend Over?
It is true that Bitcoin prices started to freefall on the 10th of November 2021. In fact, good technical traders knew about this downfall since the 3rd of December. This is when Bitcoin prices breached the average uptrend deeply lower than anticipated. In figure 1, we can clearly see this break thanks to the red circle on the chart.
On another note, we at CryptoTicker offer a Premium Discord channel. There you will receive trading ideas and professional trading support. Our Premium Discord is not just about trading. You will also find out the latest crypto trends early enough, from which you can benefit massively or at least exit the market. That’s why most of our traders are successful and managed to minimize their risk exposure during this current crash 😉
Bitcoin 40K – Should you Buy Bitcoin at that Price?
Well, it all depends on your strategy. But most traders and investors are interested in buying a Bitcoin 40K price. The reason comes from both a technical and fundamental angle:
- Most big tech and big firms entered the crypto market buying Bitcoins around that price. If the market was to rebound, the current price would be the perfect opportunity to do so.
- From a technical angle, prices hit a very strong support level. As shown in figure 2, prices did rebound from the 40K area several times in the past. Currently, it seems as if prices are prepping from a reversal.
When plotting the Fibonacci retracement, we can clearly see how the strong support of 40K highlights other psychological prices and give importance to the 50K area. If prices were to reverse upwards, they have to first reach a price of USD 43K for confirmation. If successful, we might be able to see a price of Bitcoin around 50K again, or a 20% gain. On the other hand, if prices fell below 40K, this is a huge indicator that the bear market is continuing lower.
—-> Click here to Buy Bitcoin <—-
The Crypto Market at a Glance
In the past 24 hours, the cryptocurrency market continued dipping further lower. Sunday mornings are usually slow days for the crypto market. Despite Bitcoin consolidating for the day, other cryptos lost on average -1.48%. The top losers are ROSE, FTM, and NEAR losing respectively -15%, -12%, and -11%. On the other hand, the top gainers are ICP, LEO, and LINK gaining respectively +7%, +5%, and +4%.
1- Bitcoin (BTC) : + 0.06%
2- Ether (ETH) : – 2.75 %
3- Tether (USDT) : 0 % (surpassing BNB)
4- Binance Coin (BNB): – 4.45 %
5- Solana (SOL) : – 3.36 %
6- USD Coin (USDC) : + 0 % (surpassing ADA)
7- Cardano (ADA) : – 5.73 %
8- Ripple (XRP) : – 2.21 %
9- Terra (LUNA) : + 4.90 %
10- Polkadot (DOT): – 2.11 %
Stay Ahead, Stay Updated
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- BITCOIN Prices Hit 60K! Will Bitcoin Price BOOM HIGHER?
- Bitcoin Price Prediction – Why did Bitcoin Price Crash?
- PEPE Coin Price to Reach $5 in the Next Seven Days?
- Bullseye BTC Prediction – Bitcoin Price breaches 40K for the third time, 50K next?
- Ethereum Price Prediction – ETH hits Critical Support, Buy Now?
- Bitcoin Price Prediction – BTC reaching 50K again! Here’s what to do
- Ethereum Price Prediction – 3 Reasons Why ETHER is a Strong BUY
- Bitcoin Price Prediction – Bitcoin breaches 40K, but will it Drop Back?
- Bitcoin Price is shooting High! Is Bitcoin Back on Track to 60K?
- Bitcoin Price has Bad News – What should you do TODAY?
- Bitcoin Price Crash! Near 40K, Did the CBDC Talk Affect Crypto Prices?
- $BTC Price reaches Strong Resistance – Will a Bitcoin 40K Price Happen?
- Bitcoin Price Consolidates! Did the Bullrun END for $BTC?
- Bitcoin Price is BACK ON TRACK – Should you BUY BTC?
- Bitcoin Price will do THIS next: BEWARE of those levels!
- Bitcoin Price Prediction – Can Bitcoin reach 60K again? Maybe, read on.
- Solana Price Prediction – Is SOL Prepping for another BOOM?
- Bitcoin Price Prediction – Why a USD 53,681 BTC price is THE Magic Number
- Bitcoin Price above 40K again! What’s NEXT for BTC, 50K?
- Bitcoin Crash! BTC Price loses 16% in the past 24 hours! What Happened?
You might also like
More from Bitcoin
Bitcoin price prediction: BTC had a sharp 7.5% drop, plunging to a current price of $25,800. Is Bitcoin headed for …
Bitcoin price crashed as prices fell below the price of $29,000. Will Bitcoin crash to $20,000? Let's analyze in this …
Bitcoin price made a fakeout above 30K. What's in store for Bitcoin? Let's delve deeper in this Bitcoin price prediction …