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  • Bitcoin is down over 23% in a very tough Thursday for the crypto market.
  • There are not many levels below but some are highlighted on the chart below.

BTC/USD weekly chart

The crypto market has been smashed today with Bitcoin falling over 23%. Now the downside levels on the chart are in focus, with the 138.2% the next major Fib zone. Beyond that, the 161.% could be hit too but it would take much more momentum to carry the price that far.

From a chart perspective, the internal trendline would meet the price around 4000.00. Again this would take another capitulation in the pair and it’s hard to see it falling again at the same rate from these current levels. 

Historically 5,767 was the consolidation low from the middle of 2018 and the price bounced a fair few times. This could mean it has some serious significance in the future. For now, I would say it’s hard to catch a falling knife so the bears are firmly in control.

BTC massive drop

Additional levels

 

Expert score

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