Will Bitcoin Shoot Over $40,000 — Or Drop To $35,000?
03 Mai 2022 - 06:07AM
NEWSBTC
The king of cryptocurrency, Bitcoin, has slumped below its price
support following crucial development on EPA environmental issues
and other factors. Bitcoin price is now at $38,832.74 as of this
writing. Now, many bitcoin experts are worried that Bitcoin’s price
could plummet further as it struggles to hold onto the $38,000
price level. Suggested Reading | What’s In A Name? Ethereum Domain
Name Sales Climb 2,300% Profit-Taking Culprit For Bitcoin Slump
More so, profit-taking may have some impact on why Bitcoin is
straining to breach the $40,000 mark. Support at the $38,000 level
could also be holding as triggered by the buy-the-dip sentiment.
Santiment, a cryptocurrency data feed for investors, has tracked an
increase in BTC in-profit transactions. The count has ramped up
fast over the last two weeks which were all classified as selling.
That being said, the BTC market price may not speedily recover
unless traders put a stop to selling. Bitcoin has been trading
below $40,000 over the past week. The low volumes can be
disheartening to crypto traders and investors. BTC total market cap
at $731.71 billion on the daily chart | Source: TradingView.com
Additionally, Bitcoin has also suffered a massive drop on Sunday
yet has recovered the following day. So, in the last 24 hours, the
price has climbed and bounced back by 2.7%. ZebPay analysts said
the top currency has glided down at $38,750 with a 61.8% Fibonacci
Retracement Level and consequently dipped to $37,386. Bitcoin has
had multiple supports at around $37,300 which already happened in
the past, so it’s psychologically adapting and displaying the same
trend. RSI Showing Positive Divergence As the crypto’s relative
strength index hits the long-term trendline, BTC was rejected three
times. In order to improve the BTC market price, the trendline
needs to break. BTC has technically formed this falling wedge
pattern but luckily the RSI showed positive divergence. Bitcoin has
dropped to over 20% over the past month. Now, movements of this
type can trigger flush-outs in the futures market also causing
tremendous reductions in the open interest. The problem lies with
the open interest not going down significantly with the current
downtrend happening. It still remains a bit higher compared to
March 2022 when the most sought after crypto was trading relatively
at the same prices. Suggested Reading | Analysts Predict ApeCoin To
Hit $50 By End Of 2025 – And $100 By 2030 So, if the price is able
to close and is sustained over the wedge resistance line then an
increase is expected of up to $41k to $41.5k levels. However, a
close or a break happening below the support will be tantamount to
Bitcoin further slipping and the prices can also go down to $37k –
$35k levels. If the price breaks at these levels, expect immense
liquidation and price drops, considering the high open interest in
contrast to the market cap. Now, the $37K level is a critical area
to watch out for in the next couple of days, because it can greatly
impact the market trend in the short term. Featured image from
Pixabay, chart from TradingView.com
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