Is Reversal On Cards As Bitcoin (BTC) Clings Near $33,500!

Rekha chauhan
Updated
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CFTC Chair Claims 70-80% of Crypto Are Non-Securities

Bitcoin (BTC) price mirrored the US stock market fears owing to the concerns about the war in Ukraine. The ongoing conflict between Russia-Ukraine agitated by the US involvement triggered a broad sell-off in the global financial markets.

At the press time, BTC is trading at $33,314 losing nearly 8%. The 24-hour volume is recorded at $33,325.65 up 9%.

  • Russia-Ukraine turmoil has shaken the global financial markets.
  • BTC drops nearly 8% on geopolitical tension and risk aversion among investors.
  • Bulls remain hopeful near multi-month support level around $33,500.
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El Salvador’s Treasury adds 410 Bitcoin-President Nayib Bukele tweet

The Central American country, El Salvador legalized Bitcoin last year. After the recent sell-off in BTC price, the country is adding the number of bitcoins in its treasury. As per the data, El Salvador have more than 1,500 Bitcoins in its reserve with more than $50 million in value.

On the weekly charts, BTC/USD has been fallen 52% from ATH made in the second week of November at $69,000. The price has been halved since then. Now, the BTC is trading at a very crucial support zone, which happens to be a confluence near $33,500. Furthermore, a weekly close below the level could see $28,000 in the immediate reaction. Negative divergence in RSI from the April highs near $64,900 resulted in the current price action.

The MACD (Moving Average Convergence Divergence) dips below the bearish midline, signaling the continuation of the meltdown. However, any uptick in the oscillator could result in some bottom buying opportunities for the investors.

According to CoinMarketCap data, BTC’s current market has tumbled from almost $1.3 trillion in November to the current market cap of $665 billion.

Furthermore, the Bitcoin (BTC) price could swing between $33,500 to $44,500 provided the bulls make some solid efforts to move back to sessions highs followed by a green candle with respectful volumes on the daily basis.

 

 

 

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.

About Author
About Author
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
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.
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