The Bitcoin price shows a tremendous rise in selling pressure as fear takes control of the crypto market. The price action forms a falling wedge pattern in the daily chart as it approaches the $40K mark with an 18% fall in the past two weeks from the resistance trendline. Moreover, the death cross increases the chance of a bearish continuation. Will the bulls overcome the selling pressure, or will the price hit the $35K mark?
Key technical points:
- The BTC coin price forms a falling wedge pattern
- The daily RSI chart shows a death cross in the daily chart
- The intraday trading volume in Bitcoin is $27 Billion, indicating a 35% loss.
The last time when we covered an article on BTC/USD, the coin price was teasing a bullish recovery from the $46K mark due to the bullish divergence in the RSI indicator. However, the increase in selling pressure results in the fallout of the $46K mark and drops the price lower to the $40K zone.
The price struggles to sustain near the $40K support zone and forms a falling wedge pattern in the daily chart. The price rests close to the support trendline and indicates a reversal if the bulls overcome the selling pressure.
The price fall of 18% in the past two weeks results in the death cross of 50 and 100 days EMA in the daily chart. Therefore, the coin price indicates a rise in underlying bearishness and hints at a fallout.
The daily Relative Strength Index (29) displays the oversold nature of the coin and shows the bearish move approaching saturation level. Therefore, a short-retracement is possible before a fallout.
BTC coin Price Near The Confluence Of Trendline And Support Zone At $40K
After the fallout of the $46K support level, the BTC coin price falls to the $40K mark with a 10% fall. Moreover, the coin price consolidates between the support zone and the breakout of which can decide the upcoming trend.
However, the bulls will have to overcome multiple selling areas to reinstate the uptrend.
Bitcoin fear and greed index
In the midst of ongoing sell-offs on the crypto market, the Bitcoin fear and greed index is now rated 23 out of 100, which indicates a extreme fear sentiment among market participants.
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