- Bitcoin price has dipped into the demand zone ranging from $43,150 to $45,791 in search of a stable foothold.
- Ethereum price is trading below the $3,000 psychological level, anticipating a sell-off to $2,893.
- Ripple price shows strength as it retests the recently flipped support level at $1.09.
Bitcoin price has slid deep into the newly formed demand zone where it is searching out stable ground for a trend reversal. This move has pushed many but not all altcoins into a momentary downtrend. Investors can expect this descent to transform into an upswing soon.
Bitcoin price awaits resurgence of buyers
Bitcoin price is currently trading inside the demand zone ranging from $43,150 to $45,791 after setting up a range high at $47,886 on August 13. If this trend continues, BTC might slide 5% and retest the range high at $42,451.
A resurgence of buyers here could kick-start a new uptrend toward $49,024. Successfully breaching this barrier would open the path to the $50,958 supply area. In a highly bullish case, the big crypto might make a run at the $55,210 ceiling.
BTC/USDT 1-day chart
On the flip side, things might get ugly for the pioneer cryptocurrency if the $42,451 support level is shattered. This move will confirm weakness among buyers and open the path for further descent.
In this case, Bitcoin price is likely to retest the support levels at $41,333 and $40,500. A breakdown of $40,500 will invalidate the bullish thesis.
