The largest cryptocurrency has been quite volatile over the past two months amidst the geopolitical issue of the Russia-Ukraine war. The correction rally marked the current lower low at $33000 on January 24th. The buyer’s recovery attempts drive the coin price by 35%; however, the $45000 stands as a formidable barrier for them.
- The down-sloping crucial EMAs(20, 50, 100, and 200) along with a bearish sequence indicate bear dominance. Moreover, the sellers have recently reclaimed the 20-day EMA, which now provides strong resistance to the coin price.
- The RSI indicator slope reverted from the 14-SMA in negative territory accentuates a bearish sentiment.
A recent bearish reversal from the $45000 mark knocked out two significant support levels of $41600 and $395621. The Bitcoin price tumbled by 19% from the swing high, bringing it to $36000 support.
On February 24th, the sellers tried to extend these losses, but the buyers wrested control from bears, resulting in a long-tail rejection candle closing above the $36000 mark. The following rally surged the BTC price by 8%, resetting the $40000 resistance.
However, the long-wick candle at this resistance indicates the sellers are defending this level, preventing a further rally. If bears sustain the below $40000 mark, the increasing selling momentum would plug the price to $36000 support along with the threat of a downtrend continuation.
- Resistance level- $39640, $44650
- Support level- $36372, $30000
BTC On-chain data analysis
- The Global In/Out of the Money by intotheblock on-chain analytic platform indicates 61.95% of addresses are in profit. Conversely, 33.95% Out Of The Money holders are experiencing loss.
- An At The Money cluster highlights a possible resistance at the $39276 mark, followed by a relatively larger cluster mean value at $42626 indicates the path to least resistance is downward.
- However, intotheblock has recently tweeted that the trading volume for BTC perpetual swaps reached a 3-month high of over $134 billion on Feb 24th amid the Russian invasion in Ukraine.
3 Month High.
Trading volume for #Bitcoin perpetual swaps reached a 3-month high of over $134 billion yesterday.
— IntoTheBlock (@intotheblock) February 25, 2022
- Why Billionaire Ray Dalio Is Still Betting Big On Bitcoin (BTC)?
- CZ Fuels Rumors Of Binance’s Trading Service Launch In Dubai
- Just-In: European Central Bank Says Crypto Unsuitable As Store Of Value
- Shiba Inu The Most-Held Token By ETH Whales, Is Metaverse Hype Back?
- South Korean Terra Holders Skyrocketed After Its Crash, Here’s Why
- Verse Metaverse – LA Villa Hand Over On May 30
- Bitcoin (BTC) Faces A Crash To 2020 Lows, Here’s Why
- On-Chain Data: Bitcoin (BTC) Always Pegs Higher Trust Over Ether (ETH) in Bear Market
- Is Terra’s Singapore Office A “Paper Company?”
- Bitcoin (BTC) Options Market Hints Major Downside Risks Over Next 3-6 Months
- TRON Price Analysis: High Volume Breakout may Lead TRX to $0.9 Mark
- Tezos Price Analysis: Dynamic Trendline May Carry XTZ Price to $2.4
- AAVE Price Analysis: AAVE Chart Hints Coin Holders May Lose $100 Mark
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- 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?