InstaForex

September 21, 2021

Bitcoin Once Again Makes a Sharp Decline Show Surprise!

 Once again Bitcoin created a surprise in the market by exhibiting a sharp decline giving a bit of annoyance to investors.


Bitcoin was seen showing a decline up to the price level of $ 42,000, declining more than 10% in yesterday's trading session.


However, the top 5 cryptocurrencies have also been driven by the decline, Ethereum declining 13%, Cardano 14%, BNB 13%and XRP 17%.


The decline that occurred was driven by 3 main reasons explained in the previous article.


As a result, investors need to be wary of the current market uncertainty which is seen as increasingly worrying.


Next, examine the current movement chart of the BTC/USDT price.



It can be seen that the crypto market is still on the brink of the red ocean, Bitcoin slipped 6% to fall to the price level of $ 40,000 in today's trading session.


From a technical point of view, the Bitcoin price movement is seen trying to regain upward momentum and is hovering above the $ 42,000 RBS (resistance become support) zone.


Crypto analysts expect, if BTC remains on a bearish trend, the $ 42,000 RBS zone will be the focus to be tested before making a lower decline.


Meanwhile, if BTC manages to regain the bullish trend, the SBR (support become resistance) zone of $ 45,000 will be the main target to be tested first before making a higher jump.


At the time of writing, BTC/USDT is trading at around $ 42,700 down over 6% in the last 24 hours.