Bitcoin follows a rangebound trajectory as the financial world trends to the downside. The first crypto by market cap is moving around critical areas of support as it was rejected from the low $40,000s.
Related Reading | TA: Bitcoin Consolidates Below $39k: What Could Trigger Another Decline
At the time of writing, BTC’s price trades at $38,500 with a 2% profit in the last 24 hours.
BTC moving sideways on the 4-hour chart. Source: BTCUSD Tradingview
The general sentiment in the crypto market trends downside with the price of larger cryptocurrencies. Market participants seem to be expecting Bitcoin to reach the low $20,000s or even lower at the mid area around $10,000.
A recent report from on-chain analytics firm Glassnode supports the bearish thesis but points to Bitcoin’s capacity to stay at its current levels. The macro-outlook is pessimistic. This has been reflected in traditional equities.
The S&P 500 and the Nasdaq 100 have been trending to the downside with many recording corrections as they failed to meet ..
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