Could Bitcoin close the Week below $40,000?

What's in this article

Bitcoin is currently trading below $40,000 after briefly kissing the bottom of $38,000 today. Weekends prove deadly for cryptocurrencies – should investors brace up for the ‘weekend Crash Landing’?

Bitcoin price today is $39,024.30 USD with a 24-hour trading volume of $36,675,509,656 USD. Bitcoin is down 7.20% in the last 24 hours, with a market cap of $738,960,637,963 USD. It has a circulating supply of 18,935,912 BTC coins.   

Source: Tradingview

Bitcoin: Analysis

Bitcoin broke positively from the triangle pattern, turned out it was a fakeout to collect some stop losses. Bitcoin now has a bearish breakdown with confirmation candle which can lead to a massive 15% decline under the triangle pattern effect. Bitcoin has local support at $35,000, fib 1.618. Previous support of $40,000 now turns into local resistance.

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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