FX.co ★ Bitcoin accelerates its sell-off

Bitcoin plunged in the last minutes reaching the 43,678.08 level. The crypto dropped by 6.79% from 46,855.06 today's high to 43,678.08 daily low. BTC/USD signaled strong sellers lately after the price failed to come back higher.

The price of Bitcoin started to drop aggressively after the FOMC and after the Dollar Index has managed to erase some of today's losses. With the current sell-off, BTC/USD could open the door for a larger downside movement. Its massive drop could force the altcoins to drop as well.

BTC/USD Sellers In Full Control!

As you already knew from my analyses, BTC/USD tested and retested the 47,111 - 46,201 support zone. Unfortunately, it has failed to print a bullish pattern signaling strong sellers. At the time of writing, BTC/USD dropped far below 45,750 critical support.

The weekly S1 (44,636.72) was seen as a first downside obstacle. Bitcoin dropped below this static support, a valid breakdown below it may signal potential further drop. Afetr its failure to reach and retest the descending pitchfork's upper median line (uml), BTC/USD could be attracted by the median line (ml).

BTC/USD Prediction!

BTC/USD continued to pressure the 45,750 static support signaling an imminent downside breakout and a larger sell-off. After its current crash, we cannot exclude a temporary rebound. The price could come back to test and retest the broken support levels before resuming its downside movement.

Stabilizing below the weekly S1 may announce that the sellers are in full control and that they could lead the rate towards fresh new lows.