Bitcoin Remains Fragile, What’s The Next Major Support Area?
Categories: Bitcoin US
Bitcoin has shed close to 20% of its market value over the last week. King coin underwent six consecutive weeks of bearish pressure. The coin has retested levels that it touched in August, last year.Price had tried to briefly recover as BTC tried pushing the $32,000 price level over the last 48 hours. Ever since Bitcoin breached the $37,000 level, it has been a free fall for the asset. Bitcoin’s all-time high was $68,000 which it secured in November 2021.The $37,000 price mark had acted as a support level for multiple months. The continued long liquidation spree has made Bitcoin revisit the $30,000 price mark. Bitcoin Price Analysis: One Hour Chart Bitcoin was seen trading at $30,100 at the time of writing. The $30,000 price level has been acting as a strong support level for the coin, however, prices can break below the same with continuous selling pressure. Technical Analysis Bitcoin was trading beneath the 20-SMA line, this indicates that sellers were still active in the market. Price momentum was being driven by sellers in the market. At the time of writing, BTC was bordering oversold territories. Push from buyers would help BTC to trade above the 20-SMA line.Bitcoin had been forming a bearish flag over the past couple of months. This was a signal that BTC was about to go on a downward price action. Despite forming a falling wedge pattern (yellow), which is considered bullish, a break from within the same caused price of BTC to tumble further. Chances of rebound cannot be ruled out but the bearish pressure seems too intense at the moment.Moving Average Convergence Divergence (MACD) indicates the price momentum and it continues to paint a bearish pressure. Confirming the same, Awesome Oscillator also depicted minimised green signal bars under the zero-line, highlighting negative price movement on charts.