Bitcoin (BTC) price opened lower on Monday and continued the downside. BTC/USD lost more than 4% and moves in tandem with the crypto market falling down. The volumes move higher at $22,317,844,168, up 17.90% while price drops. Thus, it would be interesting if the price moves further down.
- Bitcoin (BTC) price remains pressured on Tuesday around $41k.
- More downside nearly 15% if weekly support broken.
- Momentum oscillators remain oversold, expecting some bounce back.
Bitcoin could slide below $30K as the crypto bubble begins to burst: Invesco
According to Paul Jackson, global head of Invesco’s the current mass marketing of Bitcoin reminds us of the activity of stockbrokers in the run-up to the 1929 crash-the American stock market crash. Further as per their assessment, the world’s largest cryptocurrency could witness a 50% price decline in 2022 from its peak of around $68k in November. The digital currency rallied from $9k in July 2020 to above $63k in April 2021 before plummeting to below $30k in July.
On the weekly chart, the bears raise their head after the Bitcoin price has broken the neckline of the “Head &Shoulder” pattern. This technical pattern is a bearish formation. The downside target could be found at the horizontal support level of $30k in the medium term.
The daily chart reveals the daily Relative Strength Index (RSI) is trading in the oversold zone. A technical bounce if happens then immediate resistance hurdle at $45k.