Over the past month, since the May-19 price collapse, BTC had been trading inside a range between $30K from below and $42K from above.
Last Tuesday, Bitcoin broke below the range, and for the first time since January 2021, traded beneath $30K. This lasted only for two hours before bulls stepped in for a heavy bounce, which spiked the price over $5k in a matter of a few hours. So, in conclusion, Bitcoin went up a total of 18% since hitting the 5-month low of $28,600 on Tuesday.
While negative fundamental news is coming from China, the fact that Bitcoin bounced sharply after hitting $30K teaches us that there is still a strong bullish demand, and the bull run of 2021 might not be over yet.
Despite that BTC had struggled to close a 4-hour candle above $34K since breaking the marked descending price channel (as shown below), Bitcoin is forming a short-term ascending triangle pattern. A breakout of this pattern should see BTC reaching as high as $37,000.
Overall, the daily chart is still indecisive inside the choppy zone, while BTC did not close a daily candle beneath $30K. After successfully confirming $32K as support, the latter becomes the first critical support zone to watch.
BTC Price Support and Resistance Levels to Watch
Key Support Levels: $33,520, $33,000, $32K, $31,185, $30K.
Looking ahead, the first resistance lies at current levels of $34,000. This is followed by $34,700, $36,000 (20-day MA), $37,000 (ascending triangle target), and $39,500. Added resistance lies at $40,500 (bearish .382 Fib & 50-day MA).
On the other side, the first strong support lies at $33,520. This is followed by $33,000 (triangle’s lower boundary), $32K, and $31,185 (Tuesday 4-Hour support). Further support lies at $30K.
RSI, short term: The 4-hour chart’s bullish divergence played out nicely and resulted in BTC breaking the descending price channel, as of yesterday. RSI is now trading above the midline in bullish territory, indicating the bulls are in charge of the short-term momentum.
The daily RSI is rising, indicating fading bearish momentum, but it is still yet to enter the bullish territory.
Tether, the operator of the third-largest cryptocurrency with a market cap of almost $70 billion, announced the USDT launch on Polkadot. Thus, the stablecoin is now available on roughly a dozen blockchain networks. The announcement from the company described Polkadot as a “full-stack Web 3 ecosystem built for the multi-chain future.” Adding that it has…
Bitcoin’s price performance continues to be rather underwhelming, with the asset remaining at essentially the same spot as yesterday at just over $29,000. Most altcoins are also quite stagnant today, with little-to-no movements from ETH, BNB, XRP, and others. Shiba Inu is the only exception from the larger caps. SHIB, APE, PEPE on the Rise…
The leading veteran US based exchange Coinbase announced on Monday that it will be adding EOS (EOS), Augur (REP), and Maker (MKR) to the Coinbase Pro platform. Starting from April 8, 12 p.m. (Pacific Standard Time), customers with Coinbase Pro accounts will be able to transfer EOS, REP, and MKR into their respective accounts. Coinbase …
Bitcoin’s price has broken above a significant moving average which has been acting as a resistance over recent weeks. The market seems ready to rise higher in the coming week if the remaining negative factors do not hinder the forming momentum. Technical Analysis By: Edris The Daily Chart: On the daily timeframe, the price has…
[PRESS RELEASE – Zug, Switzerland, October 25th, 2023] Today, The Open Network Foundation (TON Foundation) has announced a strategic alliance with Mantle Network, a leading Ethereum Virtual Machine (EVM) Layer 2 solutions provider. This agreement positions Mantle Network as a principal ally to TON Foundation towards more interoperable EVM-compatible Layer 2 blockchain capabilities on TON.
The BNB Chain-based meme coin launch platform Four.Meme was attacked once again. PeckShield has reported a fresh attack that resulted in the theft of approximately 200 BNB (worth around $130,000). The stolen funds have already been transferred to FixedFloat, a non-custodial exchange. Four.Meme Falls Victim Once More Blockchain security firm SlowMist was the first to issue
Today, the cryptocurrency community in India received a positive outcome on behalf of the country’s Supreme Court. After years of suppression from the Reserve Bank of India, The Supreme Court officially lifted the ban on trading or operating with digital assets. The RBI’s crypto ban is Unconstitutional A local report from earlier today informed the…
February has turned out to be incredibly bullish for the cryptocurrency market. The total capitalization increased from some $1.7 trillion on Feb 1st to where it’s currently at above $2.07 trillion. This represents gains over 21%. With the year just starting, it’s worth noting that there are many catalysts in the upcoming months that could
The recent price developments have not deterred institutional investors from allocating funds in bitcoin. Just the opposite, the latest major withdrawal from Coinbase to custody wallets worth $630 million became a fact earlier today, suggesting that institutions keep accumulating. Institutions Double-Down on BTC CryptoQuant’s CEO Ki Young Ju has repeatedly outlined the connection between bitcoin’s…