Bitcoin falls 2% as buyers are still unable to clinch technical breakthrough

Author: Justin Low | Category: Cryptocurrency

Bitcoin drops quickly below $39,000

A quick drop for Bitcoin back under $39,000 now after testing waters just above $40,000 earlier in the day. Price is down 2% as buyers are starting to get exhausted after having run into key technical levels near the figure level throughout the week.

The risk here is that the failure to firmly break $40,000 and the 100-day moving average (red line) could see buyers lose faith and conviction to keep with the move higher in the past week. That could see sellers step in with a defined risk level to try and push the pair back down towards testing the bottom of the range near $30,000 again.
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