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Why Bitcoin price is down today and where it will go

  • Bitcoin price chart reveals bearish flags, convincing analysts of a price drop below $36,700. 
  • $430 million in Bitcoin futures were liquidated, and 90% of all liquidations were on the upside. 
  • Analysts have revealed a bearish outlook for BTC, predicting range lows to 30,000. 

Bitcoin price has plummeted 13% in April 2022, and analysts have identified $38,000 as the immediate support for the asset. Millions in long positions were liquidated in the ongoing crypto bloodbath. 

Bitcoin price hit by crypto bloodbath 

Traders betting on Bitcoin price upside were hit by $387 million in liquidations based on data from Coinglass. Bitcoin price plunged to $40,000 over the past 24 hours as the crypto market was hit by a bloodbath. 

Typically, liquidations occur when leveraged positions are closed to cut losses. In futures trading, liquidations occur after a partial or total loss. A total of $430 million in Bitcoin positions were closed, fueling a bearish outlook among investors. 

Since long positions took the biggest hit in the bloodbath, proponents believe it will be a challenge for the Bitcoin price to recover. Analysts have evaluated the Bitcoin price trend and identified a “bearish flag” technical pattern. After posting 13% losses in April 2022, Bitcoin price plummeted to the $40,000 level with immediate support at $38,000. 

Analysts at Bloomberg believe a drop to support could push Bitcoin price to $37,582 and lower. Further downside puts the $26,000 level in focus for Bitcoin price. The asset could hit range lows in the current downtrend. 

@AltcoinSherpa, a pseudonymous analyst, believes the recent move in Bitcoin price is a deviation from the uptrend. Bitcoin price could find support or slip lower, wiping off gains from the past two weeks. 

Analysts believe Bitcoin’s failure in the recent retest implies there could be further correction in the asset.  

FXStreet analysts believe Bitcoin price could take a turn and hit $52,000 on its uptrend. Analysts believe the asset could make a comeback and recover losses. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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