What's behind today's drop in the Bitcoin price and where is it headed?

In April 2022, Bitcoin's price fell by 13%, and analysts believe that $38,000 will act as a short-term support level. The recent crypto massacre has wiped out millions of long holdings.

Conclusion

  • Bitcoin's price chart shows a lot of bearish flags, which convinces analysts that the price will fall below $36,700.
  • $430 million worth of Bitcoin futures were sold, and 90% of the sales went in the right direction.
  • Analysts say that BTC is going to fall, and they think it will fall as low as 30,000.

Due to the crypto-bloodbath, the price of Bitcoin has fallen.

Liquidation losses for bitcoin investors were $387 million according to Coinglass statistics. The crypto market has gone into a massacre, with Bitcoin's price plummeting to $40,000 in the last 24 hours.

The most common reason for a liquidation is to cut losses on a leveraged investment. After a partial or entire loss, futures traders liquidate their positions. As a result of this, investors' confidence in the Bitcoin market has plummeted.

Proponents of Bitcoin say the price recovery would be difficult since long holdings received the worst impact during the slaughter. The technical pattern of a "bearish flag" has been observed by analysts in their evaluation of the Bitcoin price movement. In April 2022, Bitcoin's price fell to $40,000, where it found quick support at $38,000, a loss of 13%.

According to Bloomberg's analysts, the price of Bitcoin might go as low as $37,582 if support is lost. If the price of Bitcoin continues to fall, the $26,000 mark will be a key focus point. In the present decline, the asset may touch range lows.

According to @AltcoinSherpa, an anonymous expert, Bitcoin's latest price movement represents a divergence from the uptrend. Bitcoin's recent gains might be erased if the price fails to establish a level of support.

Because of Bitcoin's recent inability to retest, several experts fear the asset may experience additional declines.

On the upside, experts at FXStreet estimate the price of Bitcoin might rise to $52,000. Analysts feel that the asset has the potential to recover its losses and make a return.

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