- Bitcoin price pulls the entire market down as support at $33,000 is tested.
- BTC’s short-term technical indicators flash sell signal as losses gain momentum.
Bitcoin price seems to have abandoned the uptrend toward $40,000 due to the resistance at $35,000. Over the last two weeks, BTC’s price action within the confines of an ascending parallel pattern.
In addition to the 200 Simple Moving Average (SMA) resistance, selling orders soared amid the bullish camp’s exhaustion. At the time of writing, support at $34,000 has been lost, giving Bitcoin leeway to explore the rabbit hole to $33,000.
Bitcoin price declines to $30,000 linger
Bitcoin Price Analysis: BTC/USD four-hour chart
Support at $33,000 remains critical to the resumption of the uptrend. However, if broken, traders should prepare for the correction to continue. The Relative Strength Index (RSI) has dipped below the midline and is closing in on the oversold region, adding credence to the bullish outlook.
Read More: U.S. Senators And Their Bitcoin or Crypto Purchases, The Game Gets Real
The Moving Average Convergence Divergence (MACD) indicator has also presented a sell signal in the same four-hour timeframe. This indicator follows the trend of an asset and calculates its momentum. In turn, the MACD sends out bullish and negative signals.
Trending Stories
Following the MACD line (blue) crossing beneath the signal line, a call to sell appeared. The MACD dip will reinforce this bearish outlook under the mean line (blue) into the negative region.
Note that bulls hope to secure the support at $33,000, but if they fail to, the next anchor is expected at $32,000, which may avert the bearish leg from extending to $30,000.
Bitcoin price intraday levels
- Spot rate: $33,350
- Trend: Bearish
- Volatility: Expanding
- Support: $33,000 and $32,000
- Resistance: $34,000 and $36,000
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Breaking: Singapore Financial Regulator Reprimands Three Arrows Capital
- Ethereum Exchange Supply Spikes, ETH At A Risk of Correcting to $700 And Below
- Bitcoin Prices Can Reach This Level By End Of 2022; Reveals Deutsche Bank
- NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked
- EU Passes A Bill to Trace the Flow of Bitcoin & Crypto Assets In Regulatory Tightening Measures
- North Korea’s Lazarus Group Behind $100 Million Horizon Hack, Harmony Initiates Global Manhunt
- “People Mocking Saylor Will Regret”- Binance CEO
- Grayscale Initiates A Lawsuit Against the U.S. SEC Over Spot Bitcoin ETF Issues
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
