Why is the Crypto Market Down Today? BTC At Risk of Dropping to $38K
BTC/USD Weekly Chart (Coinbase) – Source: TradingView
Prior to this bearish breakout, the token had bounced off this key technical indicator multiple times and moved to higher highs just a few weeks after.
However, this time is different. The price has broken below this mark. The breakout was accompanied by above-average trading volumes, confirming that the direction of the trend has shifted.
The next area of support to watch for BTC would be $75,000, meaning a 10% downside risk. The Relative Strength Index (RSI) in this higher time frame is on a free fall and has already sent a sell signal upon crossing below the 14-period moving average.
Considering that BTC would be 40% off its highs if it hits this key support, we have already…
