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Buyers remain weaker than sellers, according to CoinStats.
The price of Bitcoin (BTC) has dropped by 1.22% since yesterday.
Despite today's decline, the rate of BTC remains bearish on the hourly chart. If the daily bar closes near the $41,900 zone, the accumulated energy might be enough for a further decrease to the $41,500 zone.
On the bigger time frame, one should pay attention to the $42,000 area. If bulls lose it, the correction is likely to continue to $41,000. Such a scenario is relevant until mid-February.
From the midterm point of view, the price of BTC keeps falling after a false breakout of the recently formed resistance level of $43,566.
If the bar closes far from that mark, one can expect a test of the vital zone of $40,000.
Bitcoin is trading at $42,038 at press time.
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
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