Saturday morning was successful for Bitcoin. The price of Bitcoin has shown steady growth and even peaked at $48834. But then something went wrong. Gradually, the price began to decline. On Sunday, the BTC/USD pair dropped below $48000 but gave hope for a recovery. But Monday shattered all hopes for growth. Bitcoin price has lost nearly $3500 today. At the time of publication, the BTC/USD pair is trading around $43750.
The bears are not finished yet and continue to push cryptocurrency to the south. Losing more than $3500 in a few hours has already become a major concern for leveraged traders. Bybt’s website reveals that it has already liquidated orders worth $300 million. As the price of Bitcoin declines, traders continue to accumulate losses.
On the hourly chart, the BTC/USD pair has long dropped below the 100-hour moving average and broke down the uptrend line. The bulls failed to stop the price decline near the support level of 44000. Thus, the price may continue to decline to the area of 43000. Here the bulls already stopped the price decline on September 7th. However, if this time they fail to do so, the price of Bitcoin could drop to around 38000 dollars.
The bulls have a primary goal of bringing the price back above $44000 today to stop the fall. If they manage to do this, they will try to raise the price to $45000.
The RSI has entered the oversold zone, but the price continues to fall.