- Bitcoin price fails to set up a higher high as it retraces to the $48,326 support level.
- Ethereum price also retests the $3,912 foothold, as bears vie to revisit the $3,000 psychological level.
- Ripple price breaks out of an ascending parallel channel, indicating a 10% crash is on its way.
Bitcoin price is hovering around a crucial support level for the ninth day in a row. This sideways movement indicates a lack of strength and is likely to result in a volatile move. Ethereum is following the big crypto and is also knocking on a vital support floor, indicating it is ready to penetrate lower. Ripple is hinting at the likelihood of a bearish move emerging soon.
Bitcoin price on thin ice
Bitcoin price has been hovering around the $48,376 support level for roughly nine days and the recent run-up failed to produce a higher high above $51,991. The inability of the buyers to push through suggests a lack of interest.
If increased selling pressure shatters the $48,376 demand barrier, it could trigger a sell-off that pushes the big crypto down to the $40,000 psychological barrier. In this scenario, there is a chance market makers might push BTC under $40,000 to collect liquidity.
BTC/USD 1-day chart
While things look grim for Bitcoin price, a daily close above $51,991 will set up a higher high and invalidate the bearish thesis. In this situation, investors can expect BTC to rally 11% to retest $57,845.