Bitcoin: Looks like bulls ran out of the Steam

What's in this article

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. 

Source: Tradingview

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.

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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