Bitcoin price analysis: BTC at critical juncture as bears mount pressure near $37K
Today, Bitcoin price bears are testing a $37K support as the 20-day EMA hints at a potential downward reversal. Over the last few months, BTC has traded in a narrow range around the $36K mark, with very little to no profit over the float. The last time BTC hit this support was in early May, and the BTC price was at $36,500 at the time.
Bitcoin is in a critical juncture. The bears are mounting a serious pressure on the price, and if they succeed then we will likely witness a retest of the July lows near $3700. The Bitcoin price could still rally above the $4000 level, but the price action this week is definitely bearish.
Bitcoin is starting to look more like a bear market than a bull market. After a weekend of bloodletting, Bitcoin has dropped below the $3700 psychological price level. The next few weeks will show if Bitcoin will continue to drop or if it will reverse course and continue higher.. 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.After mooning a $12K high and testing the $37K mark over the past week, Bitcoin seems to be slowly but surely climbing back to the $40K level. However, with the Bitcoin price climbing over the $6K mark on the other hand, the bulls seem to be exhausted.. Read more about bitcoin support levels and let us know what you think.