Bitcoin Price Below Support Level $57,000, Potentially Drop to $40,000?

Bittime - In the last 24 hours, Bitcoin price fell more than 16%, breaking through the support level at $57,000. The price of Bitcoin is predicted to continue to fall until it reaches $40,000.

Bitcoin Price Drops

Source: Bittime.com

Based on today's Bittime market, Bitcoin price has decreased by 12.99% in 24 hours. At the time of writing, Bitcoin is trading at IDR860,171,900 or approximately $53,184.

According to CryptoQuant, this Bitcoin price drop marks one of the biggest moves in recent months. CryptoQuant noted that Bitcoin price falling below the support level of $57,000 could be a signal that the downtrend is still not over, and a potential further decline to the $40,000 level is possible.

This report also highlights that traders are currently facing the most negative unrealized profit margin since November 2022. This condition shows that many traders are currently in a losing position, and this could influence overall crypto market sentiment.

Support Level $57.000

Support level $57,000 is one of the key levels that is very important. When Bitcoin price breaks under support level, this is considered a negative signal that could trigger further selling. 

Penetration under This support level indicates that selling pressure is dominating the market, and buying power is not enough to hold the price at that level. 

Bitcoin Price May Drop Up to $40,000

If selling pressure continues, the next target is $40,000, which is the next major support level. CryptoQuant also warned that this drop below $57,000 could be the start of a further decline to the $40,000 level. 

While this level seems far from current prices, a move of this magnitude is not impossible in the high-volatility crypto world.

A drop to $40,000 would take Bitcoin back to levels last seen earlier this year. If the price of Bitcoin really reaches that level, this could cause a big reaction in the market, both from a technical and sentiment perspective.

Bitcoin Price Impact on Crypto Markets  

Bitcoin price drops usually have a significant impact on the crypto market as a whole. As the largest crypto asset by market capitalization, Bitcoin price movements are often followed by other altcoins. If Bitcoin continues to decline, we may see similar declines in other crypto assets.

In addition, Bitcoin price decline can influence market liquidity, leading to higher volatility. In situations like these, many investors tend to be risk-averse, which can ultimately lead to further price declines.

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement price Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.