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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.

The post Bitcoin (BTC) Price Analysis: More Downside Below $40K, Bears Set Eyes On Weekly Lows appeared first on CoinGape.

Source: coingape.com