why is crypto down today

Bitcoin’s slump against the US Dollar has continued to fall below the $38,000 mark. BTC is on the mend, but it has to break through $39,000 to continue its upward trend.

Bitcoin remains in a negative zone between $40,000 and $39,000, according to CoinDesk.

why crypto market is down today

The price has fallen below 100 hourly simple moving average and is trading beneath  $39,000, which indicates a bearish trend.

According to the hourly chart of the Bitcoin/US dollar pair, there has been a break over a crucial negative trend line with resistance above $38,000. (data feed from Kraken).

After breaking through the $39,000 support zone, bitcoin’s price declined rapidly. According to Coin Market Cap, BTC even moved below the $38,000 barrier and closed below the 100 hourly simple moving average.

There was a rise in the price below the $37,500 resistance zone. The price has corrected upward after forming a bottom at $37,399, and it is now correcting higher. After testing the $38,000 and $38,200 resistance levels, there was a move upward. On the hourly chart of the Bitcoin/USD pair, there was also a break above a significant negative trend line that had resistance above $38,000 earlier in the day.

BTCUSD is down today

Bitcoin’s price has even risen beyond the 23.6 percent Fib retracement level of the crucial slide from the $40,349 swing high to the $37,399 low, indicating that it has broken through the resistance level. Currently, it is seeing resistance at the $38,800 mark, which coincides with the 100 hourly simple moving average.

Bitcoin’s price has even risen beyond the 23.6 percent Fib retracement level of the crucial slide from the $40,349 swing high to the $37,399 low, indicating that it has broken through the resistance level. Currently, it is seeing resistance at the $38,800 mark, which coincides with the 100 hourly simple moving average.

The 50% Fibonacci retracement level of the main slide from the $40,349 swing high to the $37,399 low is also within the $38,800 zone and might operate as a resistance level soon. The $39,000 level might be the next significant resistance level. Any raise that comes close to or beyond $39,000 may pave the way for an even larger one.

When Fresh Decline is expected

If bitcoin cannot break through the $39,000 barrier zone, it might enter a new bear market. On the downside, a level of support at $38,400 is an excellent place to look.

 The next significant level of support may be found at the $38,000 mark. According to the market, a decisive breach below the $38,000 support zone might bring the price below the $37,500 resistance zone. If the losses continue, the $36,400 support level may be tested.