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Bitcoin (BTC) Price Dominated by Bears Breaks Below $40K Yet Again

Bitcoin

thenewscrypto.com 23 April 2022 14:20, UTC
  
Reading time: ~2 m

  • The S&P 500 and the Nasdaq 100 were both down 1.75 percent and 1.43 percent.
  • Bitcoin is down 2.21% in the last 24 hours.

Early in the day, on April 23, cryptocurrency prices were red. Over the last 24 hours, the worldwide cryptocurrency market capitalization has decreased by 1.82 percent, to $1.84 trillion. The entire cryptocurrency market volume for the previous 24 hours is $80.67 billion, a decline of 24.14 percent. Losses are escalating in crypto and stocks, signaling a gloomy conclusion to the week.

BTC/USDT: Source: TradingView

Bears on the Top

According to the latest data, Bitcoin reached a low of $39,197 on Bitstamp on April 22. However, the bull’s $40,000 support level had not to be firmly established as a dividing line in the sand. The S&P 500 and the Nasdaq 100 were both down 1.75 percent and 1.43 percent, respectively, in the first ninety minutes of trade. Worse, the sell-off in the European bond market had “historic proportions,” according to market observer Holger Zschaepitz.

Crypto Rover, a well-known crypto analyst, posted a graphic showing a closed triangle and asked his followers to choose the direction for the following week for the price of bitcoin might end up going either direction it chooses now.

#BITCOIN WEEKLY DECISION TIME! 👇 pic.twitter.com/5SdS7GCC24

— Crypto Rover (@rovercrc) April 22, 2022

When it came to Bitcoin, traders were similarly in a “wait and see” attitude. Famous trader Cheds, on the other hand, looked at price performance over many weeks and adopted a more foreboding stance. On April 22, he cautioned that the prognosis for Bitcoin may now be grimmer than many had expected because of its failure to break the 2022 trading range for good earlier in the month.

According to CMC, the Bitcoin price today is $39,665.63 USD with a 24-hour trading volume of $23,899,822,262 USD. Bitcoin is down 2.21% in the last 24 hours.


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