BTC/USD price is trading above the $8,400 support, but it must stay above the $8,350 support to recover to $9,000 and later $10,000. This week, we saw a decent recovery from the $7,500 swing low. There was a break above a connecting bearish trend line with resistance at $8,500 on the 4-hours chart of the BTC/USD pair. The pair even broke the $9,000 resistance and the 100 simple moving average (4-hours). A new local high was formed above the $9,000 level. Later, the price started a downside correction below $9,000. It has moved below the 23.6% Fib retracement level
The bitcoin price broke out from a narrowing wedge pattern yesterday, one that we first identified in last week’s price analysis. The pattern was then confirmed when the bitcoin price broke above both resistance and the downtrend trendline, clearing the way for more gains. But, while the price is up 4% since breaking out of the pattern, it is yet to show any staying power beyond its initial advance. The bitcoin price must now hold this key level to regain $40K
The price of bitcoin is up a strong $3,000 today, as the bull market continues to push higher after last Friday’s big dip. The price rise has pushed bitcoin above its key 200-period moving average for the first time since Feb. 6, and this will now serve as a crucial level of support for the next few days. If the price can remain above this line, it will be possible to get back to the $40,000 region and potentially beyond.. Read more about bitcoin news and let us know what you think.The 25th. Bitcoin (BTC) prices in May retreated, erasing a small portion of the gains made in the previous session, in another day of choppy trading. The BTC/USD exchange rate fell 6.11% after opening Asia-Pacific trade at $38.856. The pair encountered strong resistance near the 200 SMA (20 SMA), prompting most traders to take intraday profits. As a result, buy orders for the BTC/USD pair began to fall early in the London session, eventually finding support at levels that helped limit the market’s downtrend during last week’s price decline. Bitcoin is trying to reach a support level at $37,000. Source: TradingView Rekt Capital, a pseudo-trader in cryptocurrencies, called the blackened horizontal line on the chart above – around $37,000 – an important retest level and stressed its importance in determining the short-term market price of bitcoin. The analyst placed a blue arrow above the support level pointing north and said he expects BTC/USD to rally in the coming sessions. Bitcoin is moving from $37,000 to support in the near term, Rekt Capital tweeted. But this area may need to be retested given the strength of yesterday afternoon’s close. The explanation came as bitcoin continued its runaway trend and experienced sudden intraday reversals of significant percentages. The erratic price action reflected traders’ lack of clear direction, especially when analysts weighed equally compelling bearish and bullish catalysts.
Will bitcoin collapse again? Different opinions
Victor Dergunov, founder of Albright Investment Group, admitted to buying into bitcoin’s price decline, adding that he expects the cryptocurrency to reach at least the $40,000 to $42,000 range in the near future. There was great volume for and around $30K, which is what we want to see at the epicenter of the correction process, Dergunov said in his note. Then we see a retest around $31,000, but the volume is significantly lower than in the first drop. Opposing Dergunov’s bullish view was the opinion of portfolio management and analysis firm Income Generator. She said the bitcoin market is at risk of the worst cryptowinter in its 12-year history, pointing to a bullish reaction by the U.S. dollar to rising inflation rates that could dampen investor interest in the crypto currency. It now appears that rising inflation is working in the opposite direction and driving buyers back to the U.S. dollar, according to a report from Income Generator. Meanwhile, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, reiterated his bullish stance on bitcoin, noting that he still sees BTC/USD at $100,000 on the prospect of lower supply volumes. According to him, bitcoin has pulled back for reasons that support a long-term bull market and a path to $100,000. The main factor cited for the cryptocurrency’s correction – excessive energy consumption – is an indication of the power of the world’s largest decentralized network, which is becoming increasingly environmentally friendly. Talking about sustainability: McGlone mentioned Elon Musk’s proposal to set up a mining board in North America that could monitor and subsidize bitcoin’s carbon emissions. Tesla’s CEO has contributed to the collapse in the price of bitcoin from $59,000 to $30,000 in recent weeks. He criticized the cryptocurrency for its potential environmental impact and stopped accepting it as payment for Tesla’s electric cars.The bulls have lost control of bitcoin price action and it is now heading for a bearish breakdown. This is usually a bearish sign and it means that bitcoin price action currently has a target in the mid-$3000’s. The chart below shows the bitcoin price chart with the latest swing low support highlighted. Currently, bitcoin price is trading just above the support at $4,260 and bulls are fighting hard to keep the price above this level.. Read more about ethereum price and let us know what you think.
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