- Bitcoin (BTC) price barely holds above $38,000 short-term support as losses linger toward $35,000.
- The MACD on the four-hour chart has a vivid bearish signal, implying that the slightest resistance path is downward.
- Only a break above $40,000 will ensure market stability as bulls look toward the ultimate liftoff past $50,000.
Bitcoin price has lost several key support areas in the past few days. The upswing to $42,500 had renewed investors’ hopes that time had finally come for Bitcoin to regain its glory, moving above $50,000 and toward $65,000.
However, a correction came into the picture, with Bitcoin sliding under $40,000. The down leg was later stretched under the 50 Simple Moving Average (SMA) on the four-hour chart. At the time of writing, bulls seem to be struggling to keep the price above $38,000. However, a four-hour close below this crucial level will likely trigger massive sell orders as losses progress toward $35,000.
Is Another Leg Down Inevitable?
The downtrend looks robust from a short-term technical perspective, mainly when the Moving Average Convergence Divergence (MACD) indicator is observed. This technical indicator follows the trend of an asset and calculates its momentum.
With the 12-day EMA crossing under the 26-day EMA, the odds for a downward price action increased.
Meanwhile, The MACD has just crossed beneath the mean line, inferring that bears are completely in control. If the technical picture remains unchanged, Bitcoin will carry on with the correction to $35,000.
Trending Stories
Bitcoin Price Analysis: BTCUSD 4-hr Live chart
The Relative Strength Index (RSI) is still neutral despite the retreat from $42,500. In other words, Bitcoin is not oversold yet, and sellers still have room to explore. Currently, the RSI holds at 35 while gradually sliding to the oversold area.
Perhaps, confirmed support at $38,000 would nullify the calls to $35,000. With Stability at this level, we expected buyers to start coming in masses while skepticism over the sustenance of the uptrend reduces. A break above $40,000 will affirm the bulls’ grip on Bitcoin as eyes gaze at lifting to $50,000.
Bitcoin Price Intraday Levels
- Spot rate: $37,985
- Trend: Bearish
- Volatility: Expanding
- Support: $35,000
- Resistance: $40,000 and $42,500
- Do Kwon Says Terra Collecting Snapshot Data For LUNA Airdrop
- Top ETH Whales Add These DeFi Tokens Amid Crypto Volatility
- Here’s Why Bitcoin (BTC) Could Be In for Another 50% Correction Under $15,000
- Another Top Exchange To Delist Terra UST Over Collapse
- Just-In: Vitalik Buterin No Longer A Billionaire As Ethereum Crashes
- Bitcoin Price: Key Metrics Show Surprising Insights
- After Terra Crash, Galaxy Digital CEO Warns Against Bottom Buying
- Shiba Inu (SHIB) Prices May Jump Next Week; Here’s Why
- Is Andre Cronje Back On Fantom? FTM Jumps 13%
- PlanB Says Bear Market Almost Over, Bitcoin (BTC) In Buying Range
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
- Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?
- SAND Price Analysis: SAND Buyers Await Trendline Breakout To Go Long
- Avalanche Price Analysis: AVAX Sellers Tease $30 Fallout; Sell or Hold?
