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The post BTC Price Dip This Monday Warns A Crash To $38K appeared first on Coinpedia Fintech News
Starting the analysis on a bearish tone, Bitcoin starts the week with a quick drop of 1% at press time , the BTC price fails to gain any positive influence from the S&P 500, reaching its all-time high in two years.
With the total crypto market cap at $1.573 trillion testing the 50-day EMA, Bitcoin shows intense bearish signals.
However, despite the sentiments turning lukewarm, the Bitcoin price prediction based on Halving and potential rate cuts are bullish.
Bitcoin Price Warns A Trendline Breakdown For A 6% Downside
Option Data Suggests A Pivotal Juncture
With the open interest over all the exchanges for Bitcoin standing at $14.29 Billion, Coinglass shows Calls accounting for 208,692.47 BTC and Puts at 95,852.52 BTC. This gives a put-call ratio of less than 1, suggesting traders are interested in more call options.
However, the PCR ratio does not include the volumes of the contracts traded. Nevertheless, the volumes are also bullish, as per Coinglass, with 54.42% of the volume being calls.
The lack of clarity over the expiration dates questions the credibility of the above metrics and warns of an otherwise trend. .
At press time, the BTC price trades at $41,003, with an intraday candle teasing a breakdown rally.
Technical Indicators:
MACD Indicator: After the recent bearish crossover, the MACD and signal lines crossing under the halfway line. Hence, the momentum indicator warns of a declining trend in Bitcoin.
Will BTC Price HODL The Fort At $40K?
As the sentiments crisis grows heavier, the crucial support zone at the $41K mark is beginning to bend. However, the breakdown will be the definite selling signal for sideline traders. In such a case, a crash in BTC price expected to reach the 38.20% Fibonacci level at $38,642.
On the flip side, a bullish reversal can result in a bounce back to the overhead resistance at $46,758.
