Bitcoin continues to face selling pressure throughout the week and volatility has shrunk to an all-time low.
As much as bitcoin is heavily discounted, conviction to buy bitcoin remains in a slumber amid heavy criticism from big crypto influencers such as Elon Musk and the constant crackdown of crypto mining in China.
The crypto market is expected to remain range-bound for a good few months with a higher probability of slipping even lower.
There will be, however, some buyers trying to buy the low at this point and the price may get a temporary rebound.
This week, we will continue to look for selling opportunities, firstly at 38600, followed by 41000.