Bitcoin risks falling to $ 23,000

Cryptocurrency industry analysts note that bitcoin BTC $98,308.56 Bitcoin 0.78% Market capitalization $1.95 trillion VOL. 24 hours $5.94 billion has been losing ground for a long time, but recently the coin managed to consolidate near the $ 40,000 mark. On the other hand, there is still an increased sales pressure, and therefore the development of a potential bullish trend is out of the question.

The overall market sentiment remains bearish, and many crypto experts expect the prices of the top virtual coins to fall further. Popular analyst Alan Santana has identified key areas of support and resistance that need to be closely monitored.

According to Santana, the main digital coin may soon fall to $ 23,000. The nearest support will be the $ 37,500 level, which bitcoin can reach within a few days. The expert emphasized: «Every time a support level is reached, there is usually a pullback. Bitcoin failed to overcome the $ 41,000 area. This indicates that there are large sell orders behind it. Under such circumstances, the coin is likely to head downward.»

It’s worth noting that bitcoin itself failed to benefit in the short term amid the approval of industry-specific ETFs. Of course, there was a sharp impulse to $ 49,000, but then the coin began to actively lose ground. Now, the asset is located near the $ 40,000 level. This, according to Santana, is a fairly strong support zone, and its breakout is likely to lead to a further drop in prices.

On the other hand, many experts are positive about the medium-term prospects for bitcoin. They suggest that the upcoming halving will provide significant support to the main digital coin. However, the macroeconomic situation remains tense, as inflation has begun to grow rapidly in the United States. This reduces the chances that the Fed will initiate monetary policy easing in the coming months.