The price of Bitcoin registered a strong decline in the last hours. It's trading at 41,735.71 level at the time of writing far below 43,209.47 yesterday's high. BTC/USD dropped by 3.67% from yesterday's high to 41,623.47 today's low.
After failing to resume its rebound, Bitcoin confirmed that the pressure is high. Technically, the bias remains bearish, it could extend its downside movement. BTC/USD's sell-off could force the altcoins to drop as well. In the last 24 hours, BTC/USD is down by 3.21%, while in the last 7 days, the crypto is down only by 0.09%.
BTC/USD Sell-Off!
As you can see on the H4 chart, BTC/USD escaped from the up channel's body signaling a potential deeper drop. Now, it challenges the 41,967.50 downside obstacle. Failing to approach and reach the descending pitchfork's upper median line (uml), Bitcoin signaled that the median line (ml) could attract the price.
It has ignored the weekly pivot point of 42,366.95 level and it seems very heavy. Stabilizing below the broken downside obstacles could announce more declines.
BTC/USD Outlook!
Stabilizing below 41,968.50 may announce a potential drop towards the weekly S1 (40,302.48). Only staying above 41,968.50 could signal that BTC/USD could try to come back higher towards the upper median line (uml).
