Bitcoin seems to have lost its charm in the past week as it continues to struggle for price gains. Its current price action suggests that the market will see lower levels yet. BTC has been trying to put together a meaningful rally since the beginning of the year, but has failed time and again.
Bitcoin’s price behavior is carving out a bear flag, meaning that another leg lower could be near. But analysts believe that it’s possible to see another swing higher as the price sits on the lower parallel of the pattern. At the time of writing this article, Bitcoin lost 2.24% in the last 24-hours and is trading at $38,637. There are strong signs of reversal overnight. Another wave lower over the weekend is expected. Over the last 24-hours, Bitcoin changed hands in a range of $38,698 – $40,269 suggesting a moderate amount of volatility.
Popular crypto, Bitcoin, has seen strong selling pressure over the last hours. This could lead to further downside in its price. Overall, Bitcoin remains bearish. It recorded a strong high set yesterday and the first push lower over the second half of the day. As such, BTC’s price is expected to decline further. It is likely to break the $38,000 support by the end of the weekend.
Ether is also down by 3.50%. It is trading at $2,819. Polygon MATIC is the biggest loser. It lost around 16% of its value in the last seven days and nearly 6% in the last 24-hours. Avalanche AVAX is down by 4.23%, Polkadot 3.58%, Cardano 3.44%, and Terra LUNA 2%. The meme coins Dogecoin and Shiba Inu are also in the red.