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Bitcoin

Bitcoin might move 12% down

What's in this article

Bitcoin seems to be trapped below the $53000 resistance as it’s been almost a month since Bitcoin tested that price level.

Bitcoin price today is $47,409.40 USD with a 24-hour trading volume of $33,256,165,095 USD. Bitcoin is up 0.50% in the last 24 hour, with a market cap of $896,927,190,238 USD. It has a circulating supply of 18,918,762 BTC coins. 

Bitcoin
Source: Tradingview

Bitcoin: Analysis

Bitcoin rose above $52,000 on December 28 but couldn’t support the bullish rally and started to dwindle. Bitcoin has been ranging between $48,000 and $46,000, from December 28 till today. The decline in price and then ranging in this zone has turned Bitcoin’s 4-hour chart to make an inverted flag pattern. Such patterns are very unfortunate for the bulls. Since this flag represents a 12% decline in price, there are chances that Bitcoin might slump another 12% after a downwards breakdown. Bitcoin has local resistance at $50,000 and the support is at the long-tested level of $45,000.

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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