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BTC slips below $40k

Bitcoin shed 2.35% on Thursday, January 20. In Asian trading on Friday, price action plunged 4.75% to $38,220. Assessing the decline from the previous high reached at $43,505, the 12.1% downtrend took 11 hours.

On Thursday, the stock market opened sharply higher, but a sell-off gained impetus heading into the close. In the upshot, investors bailed out of risk-sensitive assets.

The pullback picked up momentum at 21:00 Binance time, with sellers stepping in at $42,500. Major transactions swept through the market at intervals of $250.

Buyers attempted to break the fall in the vicinity of $41k, but more major selling broke out below $40,600. As a result, the pair slid to $38,200. In the last 24 hours, crypto long positions worth $237.8 mln were liquidated.

After the pullback, volumes dropped noticeably. The BTCUSD pair is rebounding sluggishly as investors take a wait-and-see stance. S&P 500 index futures are on the rise, while Bitcoin is creeping back towards $40k.

Selling broke out at $41,600, so that's where buyers will need to return to offset the flash crash that hit last night and continued into Friday morning. Unless a foothold is secured above $40,600 by the close, another pullback could be in the cards.

Support current lies at the $38,195 level. The next targets for sellers are $32,245 and $26,900. The lower the price, the higher the odds that the market could stagnate until 2024.

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