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Bitcoin was trading in the red at 43,619 level, hovering above the 43,000 psychological level. Technically, it has printed a false break with great separation below this level signaling a strong demand area.
Still, it remains to see what will really happen as the pressure is high. Making a new lower low, a valid breakout below the support zone may really announce a deeper drop. BTC/USD is likely to come under massive pressure in the short term. It has dropped by 9.19% in the last 24 hours. A deeper drop could drag the altcoins down as well.
The volume rose in the last 24h by 51.26%, while the market cap is down by 8.98%. More sellers will jump in if a larger sell-off is confirmed.
Bitcoin failed to stay above 47,637 and within the Ascending Pitchfork's body signaling strong sellers and selling pressure. It has registered only a false breakout with great separation through 43,000 and 42,900 levels. Today's low of 42,453 is seen as a critical level.
Dropping and stabilizing below it may activate a further decline. This scenario could signal a potential drop below 40,000 psychological level.
A bearish closure below today's low of 42,453 may activate a larger downside movement towards 40,000 and 38,000 psychological levels.
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