On Monday Bitcoin continued to fall, reaching the lowest point at 40182 USD. On Tuesday morning, it continued to fall and is now at 42370 USD. The total market value of cryptocurrencies has fallen below 2 trillion U.S. dollars, Bitcoin's entire network computing power is 140.67 EH/s, and the difficulty is 18.42 T. Since mid-July, crypto whales have purchased up to 8.8 billion U.S. dollars in Bitcoin. Bloomberg: Evergrande’s concern about the crisis spreading to the global market triggered a sell-off in the crypto market. Forbes: The Fed's September interest rate meeting may be another reason for the collapse of the crypto market.
From a technical perspective, the daily graph closed bearish and fell below the recent low of 42800. The market sentiment is very bearish. H4 graph shows that Bitcoin maintained a downward trend and formed bottom ladder. MA formed Death Cross. MACD volume showed bearish sign. Overall, prioritise Sell within the fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 42800.
Resistance：42800-44000-46000
Support：41500-40000-37000
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