The price of Bitcoin plunged in the short term and now is trading at 38,608. BTC/USD dropped by 7.60% from 40,800 yesterday's high to 37,701 today's low. Technically, the pair reached strong support and now is fighting hard to rebound.
In the short term, the bias remains bearish. BTC/USD's drop could force the altcoins to drop deeper as well. In the last 24 hours, Bitcoin is down by 4.65% and by 6.78% in the last 7 days.
BTC/USD Rebound!
BTC/USD plunged after failing to reach and retest the inside sliding line (SL). I've told you in my previous analysis that, Bitcoin could register a larger growth if it makes a new higher high and if it jumps and closes above the 40,800.
Now, the crypto has found support on the descending pitchfork's median line (ML). As you already know, this line represents strong dynamic support. Staying above it and above 37,701 may signal a new rebound.
BTC/USD Outlook!
A new lower low, a valid breakdown below the median line (ML) and below 37,701 could activate a further drop. This scenario could bring new selling opportunities.
