More Down Under $40K, Bears Keep an Eye on Weekly Prices

Bitcoin (BTC) price opened lower on Monday and continued to decline. BTC/USD has lost more than 4% and moved in tandem with the crypto market going down. Volume moved higher at $22,317.844,168, up 17.90% while the price declined. Therefore, it will be interesting if the price continues to fall.

• Bitcoin (BTC) price remains pressured on Tuesday around $41k.
• Close to 15% more drop if weekly support breaks.
• Momentum oscillators are still oversold, expect some to bounce back.

Bitcoin Could Slip Below $30K As Crypto Bubble Starts To Burst: Invesco

According to Paul Jackson, Invesco’s global head, Bitcoin’s current mass marketing reminds us of stockbroker operations before the crash of 1929 – the stock market crash. US stock. Furthermore, according to their assessment, the world’s largest cryptocurrency could see a 50% drop in price in 2022 from a peak of around $68k in November. The digital currency is up from 9. thousand dollars in July 2020 to above 63 thousand dollars in April 2021 before plummeting below 30 thousand dollars in July.

Source: Transactional Perspective

On the weekly chart, the bears hold their heads high after Bitcoin price broke the neckline of the “Head & Shoulders” pattern. This technical pattern is a bearish formation. The downside target can be found at the $30k horizontal support in the medium term.

Source: Transactional Perspective

The daily chart shows that the daily Relative Strength Index (RSI) is trading in the oversold zone. A technical bounce if occurs then the immediate resistance hurdle is at $45k.