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Bitcoin slips below $42,000 and “fear” returns

 


Bitcoin ( BTC ) continues to slide towards $40,000 today, February 12, pushing crypto experts' optimistic forecasts even further down the road.


Trader hopes to avoid 'ugly' weekly close

Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD touched an interim low of $41,741 on Saturday before bouncing back above $42,000. 


The new US inflation figures are probably responsible for the renewed weakness, because after they were published a few days ago, the Bitcoin price went down again abruptly.


While Cointelegraph expert Michaël van de Poppe believes that nothing has changed overall, the analyst warns that there could be further losses for the crypto market leader first.


"Bitcoin is still facing the same resistance," as he sums up accordingly, based on the still valid price charts . In this regard, the expert explains:


“The weekly bounce was rebuffed with force. The weekly chart looks pretty ugly now. For the next few weeks it looks like fear again. I will remain cautious at first.”


One of his colleagues, meanwhile, is far less pessimistic about the future development of Bitcoin.


“Those hoping for a dip below $30,000 should pray to God as the numbers tell otherwise,” opines trader Credible Crypto.



Despite the losses, Bitcoin's weekly close so far is no worse than last week, allowing for the bulk of previous gains to be preserved from the 30,000 area.


Straight back to "fear"

However, the downturn was severe enough to turn market sentiment noticeably negative again.


Related: Bitcoin stuck in a tight range as BTC price moving averages prepare key bullish cross


After the sentiment barometer Crypto Fear & Greed Index was in the "neutral" area for three days, it is now switching back to "fear".


The index on Saturday is again at 44/100 points, while on Wednesday there were still 54/100 points.

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