{"id":967,"date":"2021-05-17T14:32:13","date_gmt":"2021-05-17T18:32:13","guid":{"rendered":"https:\/\/www.hodlin.com\/blog\/?p=967"},"modified":"2021-05-17T14:33:18","modified_gmt":"2021-05-17T18:33:18","slug":"bitcoin-price-drop-to-42k-will-upward-trend-resume","status":"publish","type":"post","link":"https:\/\/www.hodlin.com\/blog\/bitcoin-price-drop-to-42k-will-upward-trend-resume","title":{"rendered":"A Devastating Bitcoin Price Drops of 21%: Will $42k BTC\/USD Hold? A Full Market TA"},"content":{"rendered":"\n
\"Bitcoin
Bitcoin Price Drop as Traders Expect Trend Resumption<\/figcaption><\/figure>\n\n\n\n

The most recent Bitcoin price drop changed market sentiment. Bears might be pressing lower, but the uptrend is still valid.<\/p>\n\n\n\n

At the same time, tracking prices, Bitcoin’s dominance has been shrinking.<\/p>\n\n\n\n

However, that does not mean Bitcoin’s significance has been eroded.<\/p>\n\n\n\n

Institutions have been accumulating the coin over the years, stepping up their exposure in the last few months even as competition stiffens.<\/p>\n\n\n\n

Bitcoin Market Overview<\/h2>\n\n\n\n

The technical candlestick arrangement of the BTC\/USD in the daily chart points to demand.<\/p>\n\n\n\n

May 16 bull bar may act as a foundation for further gains in the coming session, invalidating bears and thrusting back BTC to favor.<\/p>\n\n\n\n

What’s notable over the last few sessions is that despite May 16 gains, trading volumes are up 30 percent to $86 billion.<\/p>\n\n\n\n

At the same time, the BTC\/USD price is under pressure and still down 21 percent week-to-date against the greenback.<\/p>\n\n\n\n

There have been attempts to unwind losses versus ETH during the same period but to no success.<\/p>\n\n\n\n

Nonetheless, eventual support at $42k with investor confidence could see Bitcoin prices<\/a> grind higher this week.<\/p>\n\n\n\n

On the more cautious side, profound losses below $42k and confirmation of last week’s bears would be enough to see BTC\/USD crash towards $30k\u2014or worse in upcoming sessions.<\/p>\n\n\n\n

Bitcoin Market Movers<\/h2>\n\n\n\n

Bitcoin is still the most dominant, although scales are tipping in favor of altcoins, especially Ethereum<\/a>, and other potent projects in the top-10.<\/p>\n\n\n\n

There are concerns about Proof-of-Work energy inefficiency and how consequential it is to the environment.<\/p>\n\n\n\n

As such, Tesla triggered a minor sell-off last week when it stopped accepting BTC as payment.<\/p>\n\n\n\n

Bitcoin investors are nonetheless defiant. With more BTC flowing out from exchanges, proponents interpret this as the resurgence of investor interest and their potential loading on dips.<\/p>\n\n\n\n

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#Bitcoin<\/a> balance on Coinbase continues to drop.
US institutions buying the dip.
Just be patient friends …. pic.twitter.com\/YxL0xswjSu<\/a><\/p>— Bitmaniak (@bit_maniak) May 16, 2021<\/a><\/blockquote>