Price Analysis

Bitcoin Price Analysis: BTC Price Losing $35000 Support; Hold Or Sell?

The (Bitcoin)BTC price knocked out another support level of $35000, offering a short-sell opportunity to $33000.

Published by

Published 08 May, 2022 | 02:02:57 PM UTC

Bitcoin Price Analysis: BTC Price Losing $35000 Support; Hold Or Sell?

The (Bitcoin)BTC price has been falling for the four straight days, piercing the 35000 psychological support level. If sellers sustain this fallout, the potential freefall will pull the coin price to the $33000 support level, suggesting a 4.65% fall.

Key points:

The BTC price shows four consecutive red candles, registering a 12.75%
BTC sellers need daily candlestick closing below $35000
The intraday trading volume in the Bitcoin is $34.4 Billion, indicating a 16% gain

Source- Tradingview

Since the $45000 fallout, the Bitcoin(BTC) price has witnessed aggressive selling from the coin traders, registering a 28% loss. Additionally, the bear cycle has breached the $40000, $37000, and recently $35000 support level.

The $40000 breakdown intensified the prevailing market sentiment and plunged the coin by 12.7%. The post retest fall accounted for four consecutive red candles and pulled the coin to its current price at $34641.

If the BTC price provides a candle-closing below the $35000 mark, the ongoing correction would continue and sink the coin price to a January low of $33000.

On a contrary note, if the buyers revert the price above the $35000 mark, the replenished bullish momentum would rechallenge the $40000.

Anyhow, the BTC price is currently following a range-bound rally, stretching from $33000 to $45000. however, a retest to the previous swing low threatens a fallout possibility.

Technical indicator-

The increasing gap between the MACD and signal line reflects strong selling in the market.

The ongoing sell-off in the BTC price faces constant resistance from 20-and-50-day EMA. Furthermore, the coin moving below the 100-and-200-day EMA projects an overall bear market.

The RSI slope showing a comparatively shorter fall indicates a losing bearish momentum. However, the indicator is gradually nearing the oversold region, hinting at a reversal possibility in the near future

Resistance level- $35000, and $40000
Support level- $33000 and $30000

Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

Published by

Brian Bollinger

Published 08 May, 2022 | 02:02:57 PM

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.