Over the last 24 hours, Bitcoin and numerous other altcoins have been tumbling. Bitcoin Price fell on the day after El Salvador, a Central American country, made the cryptocurrency official tender.
After a flash fall that sent the price as low as $43,173, Bitcoin price research shows that the king of cryptocurrency is now experiencing corrective momentum. On Wednesday, the global crypto market cap was $2.11 trillion. This was a drop of 11.30% from the previous day. At the time of writing. BTC was trading at $45,836 and was down by 2.19%.
As Bitcoin declines, the upswing is seeing some resistance on the upside. After the correction, the bull will try to restart the uptrend. At the time of writing, the BTC price had dropped to a low of $46,162. The RSI has dropped below 45, indicating that Bitcoin is in a downtrend and could fall further to the downside.
BTC Price Should Recover This Crucial Level!
The analyst, who goes by the handle Capo, informs his 154,200 Twitter followers that Bitcoin’s present market structure is similar to its price behavior in April when BTC topped out at $60,000 before seeing a sudden 50% fall.
Capo forecasted a strong fall last month when Bitcoin was trading near $50,000, which could send the main cryptocurrency all the way down to $37,000.
“The low timeframe bullish market structure is broken. Expecting a lower high (dead cat bounce) from here, but then further drop to $37,000-$40,000, which would be a very good buy opportunity for the long-term.”
Bitcoin is presently trading slightly around $47,000, and the crypto expert believes that unless it recovers a critical support level, it can potentially start the next leg of its slump.
A move over the $50,000 resistance and switching it into support, according to Capo’s chart, is a bullish scenario for Bitcoin. on the other hand, the price might fall all the way to $37,000 if it breaks through support at $46,000 and retests it as resistance.