The bearish trend isn’t over for Bitcoin yet, here is why

What's in this article

Bitcoin volatility is fading away as it is just 2% low in the last 24 hours but that doesn’t mean the clouds have passed.

Bitcoin price today is $47,495.44 USD with a 24-hour trading volume of $30,871,420,188 USD. Bitcoin is up 1.14% in the last 24 hours, with a market cap of $898,374,738,677 USD. It has a circulating supply of 18,914,968 BTC coins.

Source: Tradingview

Bitcoin: Analysis

Bitcoin is testing the EMA 100 resistance and declining continuously by making lower lows on a bearish trend line. If this trend continues, and there are chances it will as Friday approaches and Bitcoin options expire tomorrow, we might see Bitcoin dwindling below the support level of $45,000, fib 1.272. Bulls might try to take over but the $50,000 is quite the resistance and it will be harder to break above that.

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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