A little over two weeks ago, the price of Bitcoin showed steady growth and gave hope for early achievement of the $50000 mark. But this week, investors’ expectations have changed. Now they are not waiting for the price of Bitcoin to return to $50000 but are worried that the BTC price will stay above $42000. If at the beginning of the week the BTC/USD pair was trading around 47000, now it is moving around 42600.
The bears successfully took advantage of the buyer’s uncertainty and inability to push the price above $48000. After the price of Bitcoin fell below 43500, the exchanges began to fix the liquidation of orders. The orders worth about $10 million were liquidated as the cryptocurrency plunged.
Analysts predict a decline in the price of Bitcoin to the area of 40000. The big number of buy orders will be placed here to further the accumulation of cryptocurrency. Whales are trying to lower the price. The distribution of liquidity, first concentrated at the $42,000 level and then distributed between these levels and $40000, seems to support this thesis.
On the 4-hour chart, the GBP/USD has received support in the 42000 area. In case of further decline, the pair will receive support in the 41000 area. A move below this level will send the BTC/USD pair to the 40400 area.
If the bulls manage to stop the decline, they will try to return the price of Bitcoin to the 43000 area, where they will meet the first resistance. Further resistance awaits them around 43800.
