Bitcoin Sell-Off Deepens Below $40K; Minor Support Nearby

Posted on by American Coins & Gold

Bitcoin Sell-Off Deepens Below K; Minor Support Nearby
Bitcoin (BTC) failed to hold short-term support at $40,000 as sellers maintained the two-month long downtrend.Intraday oversold signals were not enough to sustain bids, which means longer-term indicators are more reliable to determine bitcoin’s price direction.BTC was trading around $38,000 at press time and is down about 10% over the past 24 hours.The slowdown in upside momentum on monthly and weekly charts has been a persistent theme since December. As the long-term uptrend weakens, sellers typically outweigh buyers despite occasional oversold signals.Further, when drawdowns (percent decline from peak to trough) become severe, short-term traders tend to reduce their position sizes…