Bitcoin Continues Correction Towards $40,000 - Analysis of BTC December 13, 2023

After its annual price record below $45,000 last week, Bitcoin could fall back below $40,000 in the coming days. The update in this analysis BTC of Wednesday, December 13, 2023.

It's Wednesday, December 13, 2023, and the price of Bitcoin (BTC) is hovering around $41,200.

Since touching its new yearly price high of $44,700 last week, Bitcoin has entered a correction and now shows significant odds of continuing its decline below $40,000.

So will the cryptocurrency be able to invalidate these signals? First of all, let's take a look at the evolution of its value.

The BTC is losing steam
With a fall of 6.47% over the week, Bitcoin is back to bearish on small time frames.

Pairs with Bitcoin 24 hours 7 days 1 month
Bitcoin / USDT -1.44% -6.47% +11.43%%
ETH / Bitcoin -1.21% -4.21% -4.98%
The dominance of the BTC against altcoins continues its correction to 53.32% while the ETH/BTC loses 4.21% in 7 days.

A possible fall for Bitcoin around $36,000
In the short term, the BTC has therefore turned bearish. He has lost his daily Tenkan and should now head to his next support, his daily Kijun at $40,180.

The latter corresponds precisely to the bottom of this pattern in yellow on the h4 time unit, which must absolutely not be broken from the bottom if you want to preserve the price of the crypto above $40,000.

Indeed, this pattern is an upward broadening, with a high probability of a downside breakout.

The question remains whether the price will be able to bounce off the bottom of this chart pattern and soar to the high end around $48,000.

If the BTC were to break the lower end, it would then engage in a much stronger correction with a potential return to $36,000.

As a reminder, this area would correspond to the weekly Tenkan. This is a double downside objective for Bitcoin, whose price has been rejected on a major resistance.

In summary, Bitcoin remains stuck below $45,000 and is showing signs of decline that could send it below $40,000 before the end of the year.

So do you think the BTC can come back down to $36,000 in December? Feel free to let me know what you think in the comments.

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