Bitcoin dropped to $42500 liquidating many high leveraged traders. This is what we feared and mentioned in the analysis last day.
Bitcoin price today is $43,070.86 USD with a 24-hour trading volume of $44,516,460,665 USD. Bitcoin is down 6.97% in the last 24 hours, with a market cap of $814,964,244,477 USD. It has a circulating supply of 18,921,475 BTC coins.
bitcoin price drop: Analysis
The daily chart above is self-explanatory, forming head and shoulder yet again. Previously, such a pattern was formed between March and May and it caused Bitcoin to drop to $28,000. Bitcoin currently stands on multi-month support and breaking below this level could be concerning for bulls and institutions. Bitcoin has the support of $40,000 and resistance lies at $46,000.