05 March 2021, 11:03
2 min reading
Over the past 24 hours, the Bitcoin price fell again to $47,000. The trading volume remained practically unchanged at $53 billion per day.
Many altcoins fell more significantly — from 7% to 10%. XRP was the only coin from the Top-10 that grew during these 24 hours. Over the past 2 days, the price of Bitcoin has dropped by 10%. Let’s see if this is a signal to sell or it is another correction.
Bitcoin is in an uncertain state right now. The chart has formed a clear downtrend in the last 2 weeks. Buyers failed to overcome the main resistance at $52,000 twice. One gets the feeling that buyers are simply weakened, as indicated by the reduced trading volume.
It should be understood that the current fall coincided with the general fall in the stock market. If you take the Nasdaq100 tech index, it has also dropped 12% over the past two weeks, a very high number for the traditional market. This means that the Bitcoin market correlates with the traditional stock market, and this must be taken into account.
Now it is absolutely unclear in which direction Bitcoin will move further. To understand how to act in such cases, you need to carefully study the schedule.
The nearest support level is at $43,000. This is where we saw a slight stop after the $38,000 to $47,000 rally on February 8th. Also, on February 28th, it was from here that the price bounced upwards.
We believe that there is a very high probability that the chart could move down into the $41,000 — $43,000 range. This level will be key. Depending on how the price behaves in this range, the Bitcoin price’s further direction will become clear.
However, another option is also possible — the price may reverse today. In this case, you need to look to see if the chart can break through the downtrend, which we have marked with a red line. If the price breaks through it, then there is a high probability of new growth.
The best course of action is to keep crypto on your Crypterium Wallet and wait for the next movement because the probability of falling or rising is the same.