Bitcoin: Looks like bulls ran out of the Steam

Bitcoin is moving sideways between $40,000 and $50,000 ever since its last resurgence to $52,000 on December 27.

Bitcoin price today is $41,406.99 USD with a 24-hour trading volume of $23,649,329,218 USD. Bitcoin is down 3.09% in the last 24 hours, with a market cap of $783,962,418,848 USD. It has a circulating supply of 18,933,093 BTC coins. 

Bitcoin: Analysis

Bitcoin was already declining inside a parallel pattern and its price movement is forming a triangle suggesting further volatile price descend. Looks like bears are taking over as bulls seem to have run out of their buying power. If the base of the triangle breaks below, Bitcoin goes short to the next support of $37,000, fib 1.414. Bitcoin’s local resistance is at $44,000, fib 0.786.