💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Classic bearish chart pattern forms for Bitcoin as BTC price tumbles to $32K

Published 06/21/2021, 08:12 AM
Updated 06/21/2021, 10:00 AM
Classic bearish chart pattern forms for Bitcoin as BTC price tumbles to $32K
BTC/USD
-

Bitcoin (BTC) bulls should look for a cover, at least as far as chart technicals are concerned.

The flagship cryptocurrency continued its price declines into the new weekly session, hitting $32,105 ahead of the London opening bell following an approximately 10% intraday drop. In doing so, it raised the prospect of retesting its quarter-to-date low of $30,000 for either a bearish breakdown or a bullish pullback.

Bitcoin consolidates between $30,000 and $42,000. Source: TradingView
Bitcoin Inverse Cup and Handle formation hints bearish breakout is ahead. Source: Keith Wareing, TradingView
Bitcoin’s hash rate drops to 140.3 EH/s for the first time in six months. Source: Blockchain.info
Bitcoin's breakdown below 12-month moving average risks wiping its market valuation by more than 50%. Source: Jeffrey Ross, TradingView

Continue Reading on Coin Telegraph

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.