Bitcoin’s bull run has slowed down once again, and the price is going down contrary to what the market had claimed. Bitcoin is losing the ground what it had gained by Elon Musk’s tweet and slowly touching lower levels constantly.
Price after Musk’s Tweet had touched $41000 for no reason but going constantly down, creating panic in investors. For the past month, the price of bitcoin has been below $40,000. This 40k seems like a big hurdle for bitcoin and bitcoin hasn’t seen a large volume for a long time. Bitcoin must break the 40K barrier if the price has to go up.
In the next few days, the 50 moving average is going down, crossing the 200 moving average and is going down, which is known as “The death cross”. When smaller averages cross bigger averages, the chances of prices go down increase.
For time being, the continuous news about such movements is creating more suspicion in the market that Bitcoin price will dip further down. Right now the price of bitcoin is trying to stay above $39000, but it’s not happening as the price is coming down constantly even if it goes up in phases.
Yesterday bitcoin price tried its best to cross $40k, but it stayed around 37K, and at the time of writing this post the price was moving around 35K. Today the one day candle has lost its charm, and the price is losing its ground.
We can see the negative sentiments have harmed the prices lost almost 10-12% value within the last 24 hours and there is no positive sign, which can bring the price back to 40K at the moment.
I hope no further negative news comes which will go entirely against the market especially as the weekends are the worst for cryptocurrency for the last couple of weeks. As the expected market is falling and might continue falling today. As expected, Bitcoin did not cross $41000 barrier but at $35000. Let’s hope for the best!