- BTC dropped nearly 3% over the past day and was trading at $35,596.31.
- The market leader’s price broke below a key support level and a medium-term positive price channel.
- Technicals on BTC’s daily chart suggest that it may continue to fall in the next 24-48 hours.
Bitcoin (BTC) suffered a 2.82% drop over the past 24 hours, according to CoinMarketCap. Consequently, the cryptocurrency king was trading at $35,596.31 at press time. This strong correction may not be over yet, however, as technical indicators suggest that sellers may continue to exert pressure on the cryptocurrency’s price.
Daily chart for BTC/USDT (Source: TradingView)
BTC was able to close a daily candle above $36,900 over the past few days but was unable to flip the level into support. Shortly after breaching the significant price point, traders engaged in profit taking, leading to the market leader’s price dropping back below this mark, where it continued to trade at press time.
The wave of sell pressure also forced BTC below a medium-term positive price channel that had formed on its daily chart throughout the past 2 weeks. During yesterday’s trading session, the cryptocurrency …
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