Leading cryptocurrency Bitcoin (BTC), After resisting for about 1 day, it was pulled below the expected support point.
After breaking $ 46,000 at first and then $ 44,000, Bitcoin held on to $ 42,000 for a while and rose to $ 43,000. Now the fear seems to have come true.
$42,000 Lost in Bitcoin
Although Bitcoin has lost 13% in value in the last 7 days, it is known that the main feared development is the withdrawal below the support of $ 42,000. Previously seen as a very critical support $42,000, It officially paved the way to $38,000.
On the other hand, Extreme Fear continues in the market at the moment and both the RSI and the MACD indicator are showing bearish signals.
If BTC fails to break above $45,500 in the near term and continues to close below $42,000 on the daily for the weekend, for $38,000 A very rapid decline can be seen.
The overall cryptocurrency market has also fallen by 5.4% in the last 24 hours. The fact that Bitcoin is affected by 3.8% from this seems to increase the dominance of BTC while the decline continues.
The withdrawal of Bitcoin to $ 38,000 in this decline may cause the support of $ 34,000 to be considered again and increase the fear.
Considering the decline experienced by altcoins within 24 hours, it can be expected that this development will send altcoins much deeper.