BTC was down by over 2% in the last 24 hours while miners sold their holdings.
Most market indicators also remained bearish on the king of cryptos.
Bitcoin’s [BTC] price has once again witnessed a correction as its daily chart turned red. This happened while the king of crypto’s price was moving in a parallel channel. If the downturn continues, BTC’s price might soon plummet to the $40,000 mark before rebounding.
Bitcoin bleeds again
After a month-long steady price movement, the king of cryptos once again fell victim to a correction in the recent past. According to CoinMarketCap, BTC’s price was down by more than 2% in the last 24 hours alone.
At the time of writing, it was trading at $42,332.07 with a market capitalization of over $828 billion. While the coin’s price dropped, Ali, a popular crypto analyst, pointed out that BTC was moving in a parallel channel on its 4-hour chart.
In the 4-hour chart, #Bitcoin is consolidating within a parallel channel, which puts all the
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