TL;DR Breakdown
- Bitcoin on Tuesday went to higher levels, retesting the resistance at around $36K.
- After swinging around that level, Bitcoin was unable to break it as it lacked enough momentum.
- According to analysis, we can see Bitcoin go further down after touching $36K.
Bitcoin’s growth has been sluggish for the past weeks, and the traders are tired of these unpredictable movements of BTC/USD. Yesterday, the entire market went up when BTC reached its resistance at around $36K. It was suggested that if BTC/USD breaks this resistance, it will retest higher levels to reclaim them. However, it wasn’t possible for Bitcoin to do so.
The reason was that BTC lacked the momentum to do, and there is an excellent explanation for it. The market has been slowed down, and volumes have gone down by historical numbers. Bitcoin’s drop in price this past week led to various traders dropping out and waiting for particular movements to invest their money. As of now, BTC/USD is trading at $35K.
Bitcoin might go down to $34k if it fails to remain stable
BTC has formed a bullish trend line with support in the area around $35,700 if one looks at the hourly chart of BTC. This means that if BTC/USD cannot maintain its value above this trend line support, we might expect to see lower levels for BTC. The downward correction that we might see will be below $35,500, and if that correction continues, we might end up below $34,000.
Yesterday, the coin reached as high as $36,698, and the entire market started to recover before it all went down as BTC could not break the resistance. For now, resistances are present at around the $36K, $36.5K, and $37.5K levels. If BTC/USD is able to cross this resistance, we might see a fresh high of around $38K. According to technical analysis, we might see a huge resistance around the $40K level.
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