Bitcoin is trading just below the $3700 level today, with BTC prices hovering around $36300. The cryptocurrency has been struggling to stay above the $3,600 mark for the past couple of weeks, with the broader digital asset market showing mixed action. However, BTC prices have been holding up well in the face of some pretty strong bearish pressure, with the digital asset market as a whole struggling to break out of a short-term downtrend. As such, markets are now firmly in a short-term bearish trend, with BTC prices poised to break below the $3700 mark.
Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH) have all fallen over the past 24 hours, with BTC falling to the lowest level since September 2018. This is a critical juncture for the market, at least short-term. The price movement over the past few days has been driven by positive developments in the ever-important Chinese market, with two exchanges and one mining pool announcing they will open new accounts for trading in the country. However, it remains to be seen what the impact of this will be on the broader market.
BTC is at a critical juncture as the price nears the $37K mark, and the bears are mounting a concerted effort to drag the price lower. The latest bout of selling, which has seen BTC trade as low as $36.09 in the last 24 hours, has created a technical bear flag . Should this downward trend continue, the price could breach the $37K mark that has been a barrier in recent trade.. Read more about bitcoin today trend and let us know what you think. TL;DR
- Analysis of the bitcoin price shows that the BTC/USD pair is in the midst of an intense tug-of-war.
- A $6K bounce won’t help as BTC struggles near a key resistance level.
- Technical indicators are showing neutral values as traders await clarification.
- Resistance at $40,000 is attracting the bulls, but the near-term situation remains uncertain.
Cryptocurrency Heatmap from Coin360 Although bitcoin has risen from $32,000 to $37,500, bulls are still trying to break through the key resistance of $38,000 to reach the $40,000 mark. The stagnation at the $37,300 level shows that the pair cannot build the volumes to reach critical mass and safely break through key barriers. The BTC/USD pair has not seen much action this week and is trading in a range. Support and resistance levels offered little volatility on the daily charts. The price defied the lower limit of the symmetrical triangle and reached $31,000. The sudden drop forced the Bulls into action to defend the $30,000 support area. A quick rebound brought the BTC/USD price closer to $37,300. The Fibonacci retracement level of 0.786 is close to the $37,630 level, which does not leave much room for the bulls. There is support for the bulls near the $36K mark, allowing for further accumulation action. The candle pattern for the past three days has been subdued.
Bitcoin price movement in the last 24 hours: A pattern of reversals is gradually emerging
The long-term charts show that a reversal pattern is gradually forming and any bullish action is being questioned. The repeated failures to break through $37,650 also reinforce this analysis of the bitcoin price. In mid-May, the pair’s price momentum fell to $30,000, where a temporary bottom helped the bulls reverse the decline. However, the daily charts also show an opposite bullish picture. Analysis of the bitcoin price shows that the $33,000 pivot point acts as a strong accumulation zone. Bulls turn stagnation into another opportunity to accumulate and build a rebound. A solid bottom is forming near the $31,000 level, which could prevent a sharp decline. The continuation of the pattern of lower highs on the charts poses a serious threat to any bullish sentiment. The BTC/USD pair needs to close above $39,700 to enter an uptrend. The downtrend will not weaken until the pair reaches $40,000 resistance on sufficient volume, according to bitcoin price analysis.
Chart four hours BTC/USD: Another performance drop?
TradingView bitcoin price chart Bitcoin’s price levels show strong support at $36,100 and $34,400. On the flip side, there is strong resistance at $37,630 and $39,410. The Fibonacci retracement level of 0.382 at $34.490 will prevent a sharp decline and increase the number of orders to accumulate. On the downside, there is support at $32,465 where the bulls should prove to be strong buyers. Analysis of the bitcoin price on the 4-hour chart shows that the pair is facing serious resistance at $37,630. There is a good chance that a reversal will occur near the same pivot point. The 0.786 Fibonacci level will put additional selling pressure on the pair. The 0.382 Fibonacci retracement level at $40,700 is a level to keep an eye on, as selling pressure is clearly developing here. The technical indicators are mostly neutral, with no clear preference in a particular direction. According to the bitcoin price analysis, the RSI value at 46 indicates a stagnation zone. The recent uptrend took the RSI to the 50 level and has since fallen back. The MACD indicator also does not show a clear cross on the hourly chart.
Bitcoin Price Analysis Number: Bears raise price with selling pressure
Bitcoin is going through a period of stagnation with few signs of recovery. This unintended reaction caused the price to briefly rise above $37,400. The 50-day and 25-day EMAs are below the price channel. On the short-term charts, the rising price channel certainly looks positive for the bulls. The 50-day exponential moving average shows that another rise is imminent if the pair closes above $37,300. The pair will face selling pressure at $38,000 and then at $39,200, where the bulls will need to pull volume to themselves. The fundamental scenario in the crypto currency sector is quite calm. Bitcoin price analysis also looks at the direction of the broader crypto-currency market. From a technical perspective, the BTC/USD pair should break through the $38,000 resistance level and close above it to rekindle bullish sentiment. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Bitcoin is not for the faint of heart. This cryptocurrency has been through some brutal times over the last year, with its price losing over 70% of its value in the last year alone. It has been called the ‘most volatile’ among all the top 10 cryptocurrencies by market capitalization, and if you can survive these times then you might be wise to make some profits while the bearish pressure is at its peak.. Read more about bitcoin support levels and let us know what you think.
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