Crypto News: BTC Falls Below $40,000, Amid Fear Drop To $30,000 

Crypto News – After a boost on Tuesday, following the release of U.S. inflation data. Bitcoin prices were once again lower on Wednesday.

BTC has mainly traded below $40,000 during the session, with ETH continuing to hover above the $3,000 level.

iexclusivenews reports that following a slight rebound in price during yesterday’s session, BTC fell below $40,000 earlier today, and has remained there throughout the day so far.

BTC/USD fell to an intraday low of $39,389.66 on Wednesday, less than 24 hours after reaching a high of $40,617.59.

Prices rose above the $39,515 support level on Wednesday. They have since rallied, however, and are now moving away from these lows.

What You Need To Know

Bitcoin and Ethereum Technical Analysis: BTC Drops Below $40,000, Some Predict a Drop to $30,000 BTC/USD – Daily Chart

BTC is currently trading at $39,783.91, 1.66 percent lower than yesterday’s high, with some expecting further declines.

Prominent Twitter technical analyst “Plan B” polled his 1.7 million followers, asking if they thought BTC would fall below $30,000, and 45 percent of those who voted said “yes.”

The bulk of those who voted “no” are likely looking at the RSI, which is currently at 37 and is already oversold, and may be anticipating a more realistic target of $37,000 in the near future.

On Wednesday, ETH was trying to stay over $3,000, as its price was also somewhat lower than yesterday’s high.

Following an earlier high of $3,080 on Wednesday, ETH/USD plummeted to an intraday low of $3,005, a 2.10% drop as of writing.

Despite this decrease, bulls are unfazed by price volatility, and could even attempt to push ETH back into resistance.

Technical Analysis of Bitcoin and Ethereum: BTC Drops Below $40,000, with Some Predicting a Drop to $

This short-term resistance is at $3,145, and we might see a rebound with historical positive sentiment around the current floor of $3,050.

However, iexclusivenews Nigeria reports that a cross of the 10-day and 25-day moving averages has happened on the chart, which could indicate that momentum is really negative.