Bitcoin Remains Under Pressure
Gregor Horvat | Jan 24, 2022 06:31AM ET
The crypto market remains bearish, and we can now see an acceleration to the downside, which means that bears are strong and can expect even more weakness.
As per coinmarketcap, the major coin slid since last week with Bitcoin -21.57%, Ethereum -31.47%, Ripple - 26.71% at the time of writing. The total crypto market cap has fallen below 2 trillion.
As per Elliott Wave analysis, BTC/USD has moved lower in the 4-hour chart after a retest of Dec. 2021 lows, ideally within wave (C) or (3), and there can be room for more weakness, at least towards the $33k-$31k area for wave (C) if not even lower for wave (3) down below $30k.
So, we remain bearish, and we should be aware of more downside pressure while the price is below the strong trendline connected from the highs.
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