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The bearish flip below $46k saw it retest prices last seen in early August<\/strong><\/p>\n
The crypto market is looking to recover from yet another downswing that saw the top coins drop to prices last seen in August.<\/p>\n
Bitcoin price<\/a> crashed to lows of $40,200 on Coinbase<\/a>, with the broader market seeing similar losses. Ethereum<\/a> slumped to lows of $2,837, while Cardano<\/a>, XRP<\/a> and Solana also experienced double-digit declines to break below key price levels.<\/p>\n
According to on-chain data tracking site CryptoQuant, Bitcoin continues<\/a> to see major accumulation in the $42,000 to $44,000 region as a decline in exchange reserves signals a long-term bullish outlook for BTC price.\u00a0<\/p>\n
Bitcoin’s dip from highs of $48,380 on 19 September saw BTC\/USD lose horizontal support around $44,721 on the daily chart. <\/p>\n
The downward action resulted in a head and shoulders pattern, with the horizontal line acting as the pattern’s neckline as prices extended lower to retest the support of the 100 SMA and another horizontal anchor near $40,870.<\/p>\n
Bears managed to prick the demand wall around this price as shown on the chart and tested the $40,200 low.<\/p>\n
BTC\/USD daily chart. Source: <\/em>TradingView<\/em><\/a><\/p>\n
BTC\/USD hourly chart. Source: <\/em>TradingView<\/em><\/a><\/p>\n
Check out our how to buy Bitcoin page here<\/a><\/p>\n<\/p><\/div>\n