Bitcoin (BTC) is moving with a decline of nearly 7 percent. It holds hints of recent price action as it hovers just above $42,000, according to the latest numbers in the leading crypto news article.
According to Cointelegraph market editor Alain Scott, the sharp BTC price decline observed on the daily chart has all the hallmarks of a buy-the-dip scenario.
In his analysis, Scott states that this move appears to be a small retreat in the upward trend that has occurred over the last few months.
Scott says:
"The recent decline may be a short-term fluctuation within an ongoing upward trend rather than a reversal of a general trend. However, further downward or horizontal movements that may occur in the coming days should not be ignored.
What is the critical level?
According to Scott, who stated that Bitcoin could fall further without stopping the general upward trend, "The ability to hold above $ 42,000 will further strengthen the argument that this is only a short-term decline and continues to rise in general."
