BSC NEWS NewsBSC Best Defi Coin News
Bitcoin is ranging between $52,000 and $46,000 since December 5. The sideways movement has turned into Bitcoin Bearish Flag on the 4-hour chart.
Bitcoin price today is $47,680.10 USD with a 24-hour trading volume of $30,334,799,000 USD. Bitcoin is up 0.66% in the last 24 hours, with a market cap of $901,228,988,510 USD. It has a circulating supply of 18,901,575 BTC coins.
Bitcoin Bearish Flag: Analysis
From $57,000 of December 3 to today $48,000, Bitcoin has slumped more than 16% and the flag pattern shows a decline of more than 18% considering the bottom at $46,000 just above fib 0.786. If Bitcoin breaks below and follows the bearish flag pattern we might see a major price dump dragging Bitcoin to fib 1.272 near $37000, a price level of August 5. Bitcoin currently ranges below the EMA 20 meaning a strong bearish trend. The immediate support here is at fib 0.786 at $45600 and the local resistance is the previous high of $50,000 at fib 0.5.
