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Dip-buyers anticipate further downside after Bitcoin price falls to $38K

Published 06/16/2021, 02:43 PM
Updated 06/16/2021, 04:20 PM
Dip-buyers anticipate further downside after Bitcoin price falls to $38K

The cryptocurrency market is in the midst of another lackluster day as Bitcoin (BTC) price dipped below $40,000 ahead of the Federal Open Market Committee (FOMC) meeting where officials intend to discuss whether interest rates should be raised or kept near zero.

While many investors anticipate that BTC will soon resume its bull run and rally above $40,000, technical analysts are sounding the alarm about a looming death-cross that could send Bitcoin price to $30,000 and below.

BTC/USDT 4-hour chart. Source: TradingView
Daily cryptocurrency market performance. Source: Coin360

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