The bitcoin price rose high notably and is currently attempting very hard to maintain a significant uptrend. However, the BTC price is yet again flashing signals of plunging down to the lower support yet again. The star crypto is swinging in a similar fashion for the past couple of months. As it attempts to hit the upper resistance, it quickly drains off citing multiple reasons. In the current scenario, a pullback is fast approaching but may be restricted close to the lower support zone.
The BTC price in the upcoming days may witness yet another plunge squeezing out a significant amount of value. The price is feared to decrease towards the lower support levels in between $41000 and $41,500. As the price made a second impulse from $37,000 to $44,000 and currently may be on a path to make a correction wave soon.
As predicted by the popular analyst, Micheal de van Poppe, if in case the BTC price loses the $43.5K to $43.7K then the price may plunge back to $42K levels. Moreover, the price is still feared to deplete towards the support zones in between $41,500 to $40,500 as it coincides with the 0.618 and 0.5 FIB levels too. However, until and unless, the BTC price does not make a short move, no predictions stand valid.
Despite the short term being somewhat bearish as the asset may take a bearish reversal, the possibilities of a flip are still alive. The BTC price usually gets exhausted quickly and hence experiences a notable plunge over time. However, Bitcoin price has ignited with a plunge which may continue. As the RSI is heading towards the south while MACD displays a mounted selling pressure. Therefore with a quick pullback, the asset is expected to sustain the bullish momentum.
Source: https://coinpedia.org/bitcoin/attention-traders-bitcoin-btc-price-displays-a-possibility-of-a-plunge/