The price of bitcoin rose noticeably and is currently trying very hard to maintain a significant uptrend. However, the price of BTC is once again showing signs of sinking to the lower support. The flagship crypto is similarly moving for the past few months. As it tries to reach the upper resistance, it quickly exhausts itself citing multiple reasons. In the current scenario, a pullback is fast approaching, but it may be restricted near the lower support zone.
Commercial
The price of BTC in the coming days may witness another drop that squeezes out a significant amount of value. The price is feared to decline towards the lower support levels between $41000 and $41,500. As the price made a second push from $37,000 to $44,000 and may currently be on track to do a correction wave soon.
Slightly favoring the odds of a correction in #bitcoin here after this forgery and a pretty deep wick.
If $43.5-43.7K is lost, I think we will see $42K.
— Michael van de Poppe (@CryptoMichNL) March 1, 2022
As predicted by the popular analyst, Micheal de van Poppe, if in case the price of BTC loses the $43.5K to $43.7K, then the price may drop back to $42K levels. Furthermore, there is still fear that the price will exhaust towards the support zones between $41,500 and $40,500 as it also coincides with the 0.618 and 0.5 FIB levels. However, until and unless the price of BTC does not make a short move, no prediction will be valid.
Although the short term is somewhat bearish, as the asset may undergo a bearish reversal, the chances of a reversal are still alive. The price of BTC usually depletes quickly and thus experiences a noticeable drop over time. However, the price of Bitcoin has skyrocketed with a drop that may continue. As the RSI heads south, the MACD shows increasing selling pressure. Therefore, with a quick pullback, the asset is expected to maintain the bullish momentum.
This post Attention traders, the price of Bitcoin (BTC) shows a possibility of sinking
was published first on https://coinpedia.org/bitcoin/attention-traders-bitcoin-btc-price-displays-a-possibility-of-a-plunge/
