Bitcoin: Beware of Fakeouts from here

What's in this article

Bitcoin is sitting idle at the import key support level inside a ranging zone of $52,000 and $45,000.

Bitcoin price today is $46,176.74 USD with a 24-hour trading volume of $28,754,209,325 USD. Bitcoin is down 0.80% in the last 24 hours, with a market cap of $873,691,315,245 USD. It has a circulating supply of 18,920,593 BTC coins.

Source: Tradingview

Bitcoin: Analysis

Last weekend passed undecisive as it couldn’t break in either direction however it appears to cling to the support zone. It is very obvious now that the retailers’ stop losses will be waiting right below this support zone. Yes, breaking below this level can trigger a big bearish rally however, whales might try to fake out the bearish trend just to liquidate the weak positions and get a better buying price. Besides this zone, the next support level is at $40,000 and the major resistance is at $57,000.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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