BTC dipped for the second day in a row on Friday, as the world’s largest cryptocurrency lost some steam following the Fed’s announcement on Wednesday.
Bitcoin’s price has declined for two straight sessions after reaching a peak above $41,700 earlier this week. Despite this, the price of BTC remains above $41,000.
Will BTC Price Drop Below $40k?
Bitcoin (BTC) is expected to make a “greater move” as soon as next week, according to new research, as volatility reaches a breaking point. Decentrader’s most recent market update warned readers that the time will soon come to “pull the trigger” with liquidity when BTC price action rises or falls.
As a falling wedge on lower time frames sees volatility decrease, Bitcoin has been posting lower highs and higher lows this week.
We continue to trade intraday, low timeframes, with an eye on legacy markets & general developments in Ukraine to ensure we have a foot in the market and are ready to pull the trigger in either direction when the time comes, which is fast approaching and somewhat unclear as to the outcome at the moment due to the current environment, but look forward to a more sustained move, according to the update.
The assessment is similar to Filbfilb’s statement to Telegram channel subscribers early on Friday, which predicts lower levels over the weekend, specifically, a drop below $40,000 and a return to support around $37,500.
Each of the last three weekends has seen Bitcoin enter the demand zone, only to have the price drop the following week, so I don’t believe it’s unreasonable to expect anything similar this week.The 50 DMA is now supporting the price, but as he stated that weekly closes above that are required.
At the time of writing BTC is trading at $41,752.95.
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