Bitcoin (BTC) Price Analysis: More Downside Below $40K, Bears Set Eyes On Weekly Lows
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Bitcoin (BTC) price opened lower on Monday and continued the downside. BTC/USD lost more than 4% and moves in tandem with the crypto market falling down. The volumes move higher at $22,317,844,168, up 17.90% while price drops. Thus, it would be interesting if the price moves further down.
Bitcoin (BTC) price remains pressured on Tuesday around $41k.
More downside nearly 15% if weekly support broken.
Momentum oscillators remain oversold, expecting some bounce back.
Bitcoin could slide below $30K as the crypto bubble begins to burst: Invesco
According to Paul Jackson, global head of Invesco’s the current mass marketing of Bitcoin reminds us of the activity of stockbrokers in the run-up to the 1929 crash-the American stock market crash. Further as per their assessment, the world’s largest cryptocurrency could witness a 50% price decline in 2022 from its peak of around $68k in November. The digital currency rallied from $9k in July 2020 to above $63k in April 2021 before plummeting to below $30k in July.
Source: Trading view
On the weekly chart, the bears raise their head after the Bitcoin price has broken the neckline of the “Head &Shoulder” pattern. This technical pattern is a bearish formation. The downside target could be found at the horizontal support level of $30k in the medium term.
Source: Trading view
The daily chart reveals the daily Relative Strength Index (RSI) is trading in the oversold zone. A technical bounce if happens then immediate resistance hurdle at $45k.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
