Bitcoin (BTC) Price Consolidates Near $42k Amid Global Sell-Off

Bitcoin (BTC) price moves lower in today’s session following the footstep of the overall crypto market. The global crypto market extends losses and downside momentum on Wednesday as the valuations of top Digi coins dip.

• Bitcoin (BTC) Price consolidates near $42K as the market remains indecisive.
• BTC follows the suit as the global crypto market dips on Wednesday.
• Uncertainty over global inflation and Omicron variant intimidating digital currencies.

At the time of writing, BTC is trading at $42,184.79, down 0.42% for the day. Further, total market capitalization falls below $800 billion with a 24-hour trading volume of $24,728,404 USD.

Large crypto investors consolidating BTC at current valuations say Edul Patel, CEO, and Co-founder of Mudrex

As per Edul Patel, Mudrex, a global algorithm-based crypto investment platform, the global crypto market dipped by 1% in contrast with a 1% increase in volume in the past 24 hours. BTC’s price has declined from ATH of $69K made on November 10.

On the daily chart, the BTC price has been trading in a downward channel since November 10. The world’s largest cryptocurrency remained pressured near $45k in the recent price action. Now, a break above or below the trading range of $39K and $45 will set the path for the fresh round of the trending market.

Moving on to the technical indicators, the daily Relative Strength Index (RSI) bounded oscillator trades at 35 with no sign of immediate reversal. The MACD (Moving Average Convergence Divergence) reads below the midline since the beginning of the downfall, which is indicating the downward pressure remains intact in the pair.

Looking at the different picture, the formation of two consecutive ‘Doji’ candlesticks coupled by the breaking of the descending trend line could result in a test of $44k in the short term. Furthermore, an acceptance above 50-DMA at $47K is required to touch the December 26 high of $52K.