BTC Price Drops Below $40K, Time to Buy Bitcoin or Wait for More Dump ?
The cryptocurrency market has started the new week on a negative note, with the majority of altcoins trading in the red.
The market capitalization has dropped to slightly over $1.9 trillion. Bitcoin has dropped below the $40k mark which was a crucial support and resistance.
At this time, the only thing that matters is where the daily candle closes. If buyers can seize the opportunity and hold above the $37,000 level, a breakout might occur, followed by a return to $40,000.
Bitcoin Exchange Flow
Though there has been a mix of Bitcoin entering and exiting exchanges in recent days, Glassnode’s weekly data shows that the king coin has been retreating into wallets on a consistent basis.
Weekly On-Chain Exchange Flow
Net flow: -$103.5Mhttps://t.co/dk2HbGwhVw
— glassnode alerts (@glassnodealerts)