Despite Bitcoin's successful break above the $31,000 resistance level, the bullish momentum is struggling to maintain its grip. This suggests that the bears are still actively participating in the market, selling off when prices rise.
The Daily Chart:
Bitcoin's effort to surpass the critical $32,000 resistance level ended in failure, leading to a notable decline. The cryptocurrency dipped below $31,000 and may further decrease towards $30,000. Despite its attempts to gather bullish momentum above the resistance zone, Bitcoin's struggle had a cascading effect, causing Ethereum to drop below $2,000 as well.
The 4-Hour Chart:
Upon analyzing the 4-hour chart, #bitcoin initially broke out of the consolidation range but was unable to sustain its position and subsequently retreated back into the channel. This move caused it to touch the lower channel, which had been observed for the past three weeks. Currently, BTC is at a crucial juncture, trading near the key support level of $30,300. A low of $29,900 has already been established, and the price is presently consolidating its losses. Notably, Bitcoin is trading below both the 30,500 mark and the 50 four-hourly Simple Moving Average.
According to Coingabbar Price Analysis, the market capitalization of #BTC stands at $588,878,224,765. The 24-hour trading volume is approximately $15,638,116,667.
KEY LEVELS :
RESISTANCE LEVEL : $30,700-$31,200
SUPPORT LEVEL : $30,000-$29,500
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
