The bitcoin price drop is very concerning

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
Source: Tradingview

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.

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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