BTC price started the trading session on a lower note and continued to print losses to investors. As looking at the trend of the previous few session, the price is oscillating in a tight range of $40,000 and $37,000 warning traders of aggressive bids. A clear directional bias is still out of the way, but the current price action is skewed in the favour of the bears.
- BTC’s price failed to sustain the previous session’s gain and skid to the lower levels.
- As the price coils up near a vital support area, any dip could be utilized by the investors to make a fresh long position.
- But, if the price produces a candlestick below $37,000 will trigger a fresh round of selling.
BTC price consolidates near the support zone
On the daily chart, the BTC price might fall marginally to collect the downside liquidity before rerouting for a higher side. We advised investors to start accumulating in smaller chunks and should avoid any aggressive moves.
The price keep swinging between $40,000 and $37,500 since the beginning of the week. In addition to that, the buyers remain pressured below $48,000, but the downside is capped at the above-mentioned level.
A spike in the buy orders would push the price toward the $40,000 mark. Further, if the buyers could meet out the 50-day ema challenge at $41,600 next will be $45,000.
However, the formation of a strong red candlestick still kept the buyers on the back foot. A shift in the bearish sentiment would result in $37,700 followed by the lows of February 24 at $34,322.05.
BTC has been trading in a medium-term downside trend since the record highs made in November at $69,000.
As of press time, BTC/USD trades at $38,450, down 3.30% for the day. The pioneer cryptocurrency holds the 24-hour trading volume at $27,187,145,681 as updated by CoinMarketCap.
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