Bitcoin plunges further, to its lowest for more than 3 months, $ 40k in the crosshairs?

Investing.com – After falling sharply overnight Wednesday through Thursday, and after consolidating around $ 43,000 throughout yesterday and overnight, picks it up again this Friday morning, with a low at $ 41,600 for now, the lowest since late September 2021.

This new wave of declines was even more pronounced on the, which is trading at $ 3,255 at the time of writing, down 5.5% on a 24-hour basis and 12% on a week-on-week basis.

From a graphical point of view, it will be recalled that the BTC / USD broke Wednesday evening under the graphical supports of $ 45,500 and $ 44,000, and is currently testing the threshold of 42k, the low marked during the flash crash in early December.

An inability of Bitcoin to quickly regain the $ 42,000 threshold would pave the way for a further decline towards the psychological threshold of $ 40,000, ahead of the $ 38,000 area.

On the upside, bitcoin faces many potential hurdles, the most prominent of which are the 200-day moving average at $ 48,130, the major psychological threshold of $ 50,000, and the resistance of $ 52,000, which is required to be breached for the graphical profile of Bitcoin becomes positive again in daily data.

Finally, it should be noted that this wave of decline in the cryptocurrency market seems a little less generalized than the previous one. Indeed, several major cryptos are displayed in the green at the time of writing this article.

This is notably the case of (top 7) who gained 1.3%, of (top 14) who progressed in a similar way, and of (top 17) who posted a slight gain of 0.5%.

The biggest rise in the top 50, however, is posted by the metaverse cryptocurrency, which jumped nearly 13% over 24 hours.

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