Freefall Bitcoin Finds Support at $ 42,000

The price of Bitcoin (BTC) has dropped more than $ 15,000 USD since its peak on Friday, dragging most altcoins into the crypto market with it.

Ethereum (ETH) is down over 17%, Cardano (ADA) -23%, Solana (SOL) -18%.

Video game and metaverse related cryptocurrencies like Sandbox, Decentraland, AVAX, and others have posted losses of more than 30%.

Bitcoin daily chart (BTC / USDT)

Source: Binance

Bitcoin has reached price levels not seen since October, with a low of $ 42,000 USD at the time of writing. The bulls are attempting a rally and could represent a trap if the price does not rebound to significant levels.

Watch out for the $ 50,000 USD psychological bar, as well as previous support levels, which are now resistance levels like $ 52.0000 and $ 53,000 USD.

Next, $ 46,200 and $ 42,000 USD appear to be significant levels of support.

The analyst and Twitter pseudonym “Rekt Capital” provided an overview of how the current price action is similar to a price pullback that occurred earlier in the year. what happened in September 2021.

“In September, BTC fell -25%. This is when Bitcoin investors became extremely fearful. Then the BTC moved to new ATHs. Now Bitcoin is down -23%. The Fear and Greed Index is likely to show Extreme Fear very soon. Similar recoil depth. Similar sentiment from investors. “

Watch carefully as these types of moves can very, very easily reverse and become a big trap for both bulls and bears.

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Disclaimer: The information and opinions in this report are provided for general information only and do not constitute an offer or a solicitation to buy or sell currency or CFD contracts. Although the information contained in this document has been taken from sources considered reliable, the author does not guarantee its accuracy or completeness, and does not assume responsibility for any direct, indirect or consequential damages that may result from the fact that someone trusts such information.

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