Bitcoin

The recent cryptocurrency market and the anticipation of investors and traders are currently bearish, especially in the world’s largest cryptocurrency Bitcoin (BTC). With the recent move in Bitcoin, which is currently showing more bearishness in the upcoming days, we may see a price fall to the $32,500 level.&nbsp; Bitcoin could fall to the $32,500 level, as per technical analysis 
Bitcoin on the weekly time frame was strongly rejected due to the strong resistance at the $48,000 level. However, currently, BTC, after the consolidation of the last 5 weeks, gives a breakdown of the consolidation zone between $43,900 and $40,000.&nbsp;
Additionally, the breakdown of the weekly time frame is not confirmed yet, but due to the current negative sentiment and overall bearish momentum, it looks like Bitcoin will confirm this breakdown. The sameBTC price move is also seen in a recent post on X (previously Twitter) by Ali, a prominent trader, and a crypto analyst. 
As per the technical analysis, if we look at Bitcoin on a weekly time frame, it shows a higher high and higher low structure, which is bullish for a longer period. Still, this time, after making its higher high, it is now moving toward a higher low level, which is at $32,500.&nbsp; Source: TradingView 
However, this critical zone consists of three more key technical elements: the bottom line of a parallel channel, the 0.5 Fibonacci retracement level, and the 50-week simple moving average. Together, these factors create a strong defense line that may stop any further decline in BTC prices. Additionally, for investors and traders, this lower low will be a tough situation, and the value of this lower low might change in the future. Bitcoin Price momentum and investor’s views 
Despite this current technical analysis, Arthur Hayes, a prominent trader and former CEO of BitMEX, also predicted that the <a href="https://news.todayq.com/bitcoin-at-crucial-level-nosedive-to-38000-possible-if-this-happens/" rel="noopener noreferrer nofollow">Bitcoin price would fall</a> to $33,000. Hayes, prior to the approval of spot Bitcoin ETF (Exchange Traded Fund), had bearish views on Bitcoin, and recently, in his blog post when BTC was trading near $42,000, he also purchased a put option with a strike price of $35,000 with the expiry date of March 29, 2024, as reported by Todayq News.&nbsp;
Looking at all these technical analyses, currently, Bitcoin is trading near $40,000 levels, and in the last 24 hours, it experienced over 2.55% of upside price momentum. If we look at BTC’s price over a longer period in the last 30 days, BTC experienced over 8.5% of downside momentum.
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Bitcoin weekly close below 38K can drag it to $32.5K level, Here’s How?

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Alte articole publicate pe 24 ian. 2024

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