Leading cryptocurrency Bitcoin (BTC) Again, it experienced an unexpected price movement and suddenly retreated below the $ 48,000 support.
After losing this support, Bitcoin seems to have regressed to the $ 46,800 region, but lost its struggle here.
Especially since $46,800 is a level that has been tried before and has not fallen below, it was in a very critical position and BTC will not be safe unless it can rise above $ 46,800, at least in the near term.
Critical Points for Bitcoin
Bitcoin price losing the $46,800 level on the hourly chart means that the 23.6% Fibo level has also been lost.
At this point, the next support points for Bitcoin will be $45,200 and $44,000. Losing $44,000 means a bad scenario for the leading cryptocurrency. After this level, the most important support is the band of 41,000 and 42,000 dollars.
On the other hand, for now, the hourly MACD indicator is showing a bearish signal, indicating that the decline will strengthen. The hourly RSI for BTC/USD has once again pulled below the 30 level.
If Bitcoin fails to rise above $46,000 in the near term, it seems logical to stop below $41,000 as testing of the $38,000 level is on the horizon.
Of course, this creates similar fear scenarios for altcoins, and the leading cryptocurrency will bring them down. For this reason, it is necessary to stop in altcoilers by looking at BTC.
The cryptocurrency market has dropped by 5% overall in the last 24 hours. BTC was affected by 5%, while ETH fell by 7% and ADA by 8.6%.