Bitcoin is in constant decline decently making lower highs and lows. Each Bitcoin lower high is touching a trend line acting as a critical resistance level.
Bitcoin price today is $38,525.08 USD with a 24-hour trading volume of $19,102,548,916 USD. Bitcoin is up 0.33% in the last 24 hours, with a market cap of $729,924,093,566 USD. It has a circulating supply of 18,946,725 BTC coins.
Bitcoin is nearing this resistance level at $3900 and if it failed again to topple it, it will start moving to make a new lower low. Looking at the chart, Bitcoin makes each lower low around 16% lower than the previous. Although there are two major support levels at $31,800 and $30,000 – following 16% pattern Bitcoin might even drop as low as $28,000. It will however be difficult to plunge below this level as institutions and big whales enter there.