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Bitcoin’s (BTC) ongoing correction below $100,000 could extend to $40,000 based on technical indicators, as highlighted by a trading expert. According to Alan Santana, Bitcoin has exhibited a ‘lower high’ formation that could foreshadow a continuation to a ‘lower low’ in the asset’s price trajectory, as per his Analysis shared in a TradingView post on January 8. Bitcoin price analysis chart. Source: TradingView The downward trend has been developing over the past month, with a strong bearish day on January 7 marking the highest volume since December 5. This drop confirmed the formation of a lower high, raising concerns about a potential crash. Picks for you XRP price prediction for Trump’s Inauguration Day 44 mins ago ...

Bitcoin’s recent price movements have raised alarms in the crypto market. The leading cryptocurrency failed to break through the 200-day moving average (MA-200) resistance level after hitting $66,000, sparking fears of a potential price crash. Also Read: U.S. Prosecutors File First-Ever Crypto Market Manipulation Charges! Bitcoin’s Market Volatility: Trading Tips Amid Price Crash Concerns Source: investmentmonitor.ai / Photo by maxtrks28/Shutterstock Technical Indicators Signal Bearish Trend Bitcoin couldn’t overcome the MA-200 and $64,000-$65,000 resistance. This failure eventually caused a descending channel formation. Support levels are now sitting at $60,000, $59,250, and $57,700. Resistance remains at the $62,745 value and $64,955 respectively. RLinda, a market analyst, had the following statement to make: “A correction after the impulse is forming and the price may test the imbalance and liquidation zone.” Market Factors Driving Bearish Outlook The we...

The Bitcoin price tumbled 3.6% in the last 24 hours to trade at $61,687 as of 03:37 a.m. EST on trading volume that surged 40% to $50 billion. This comes as Israeli Prime Minister Benjamin Netanyahu vowed revenge on Iran as the conflict in the Middle East threatened to spiral out of control. Netanyahu warned Tehran would “pay a price” after it fired around 200 ballistic missiles at Israel on Tuesday evening following an Israeli invasion of Lebanon. Bitcoin Price Currently On A Bearish Trend The Bitcoin price has been on a sustained bullish trend in September, as it soared from the $53,700 support from September 8 towards a markup phase, according to data from GeckoTerminal . However, the $66,000 resistance has allowed the price of Bitcoin to plunge, forming a rounding top pattern. BTC trades below the 50-day Simple Moving Average (SMA), showing that the BTC price is currently on a short-term bearish trend. However, the Bitcoin price still trades above the 200-day SMA,...