The (Bitcoin)BTC price has been falling for the four straight days, piercing the 35000 psychological support level. If sellers sustain this fallout, the potential freefall will pull the coin price to the $33000 support level, suggesting a 4.65% fall.
Key points:
- The BTC price shows four consecutive red candles, registering a 12.75%
- BTC sellers need daily candlestick closing below $35000
- The intraday trading volume in the Bitcoin is $34.4 Billion, indicating a 16% gain
Source- Tradingview
Since the $45000 fallout, the Bitcoin(BTC) price has witnessed aggressive selling from the coin traders, registering a 28% loss. Additionally, the bear cycle has breached the $40000, $37000, and recently $35000 support level.
The $40000 breakdown intensified the prevailing market sentiment and plunged the coin by 12.7%. The post retest fall accounted for four consecutive red candles and pulled the coin to its current price at $34641.
If the BTC price provides a candle-closing below the $35000 mark, the ongoing correction would continue and sink the coin price to a January low of $33000.
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On a contrary note, if the buyers revert the price above the $35000 mark, the replenished bullish momentum would rechallenge the $40000.
Anyhow, the BTC price is currently following a range-bound rally, stretching from $33000 to $45000. however, a retest to the previous swing low threatens a fallout possibility.
Technical indicator-
The increasing gap between the MACD and signal line reflects strong selling in the market.
The ongoing sell-off in the BTC price faces constant resistance from 20-and-50-day EMA. Furthermore, the coin moving below the 100-and-200-day EMA projects an overall bear market.
The RSI slope showing a comparatively shorter fall indicates a losing bearish momentum. However, the indicator is gradually nearing the oversold region, hinting at a reversal possibility in the near future
- Resistance level- $35000, and $40000
- Support level- $33000 and $30000
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