BTC price entertains with no fresh impetus as continues to defend the familiar price range. The price has been in an extended downward trend that was set in April but in the fresh trading series, it seems to be underpinned near $38,000. However, investors must imply a cautious approach before placing aggressive bids as the downside risk remains intact.
- Bitcoin price religiously follows the bottom formation of around $38,000.
- Expect some bounce back to the descending trend line before turning down once again.
- A daily candlestick below $37,000 could invalidate the upside-run arguments for the asset.
BTC price respect the long-time support zone
BTC’s price remains sidelined for the past few sessions as it slides below $40,000 on April 26. Although, the price already started the decline after tagging the swing highs near $48,000. BTC retreated and recorded a loss of 45%. However, since April 25, BTC sellers look exhausted as the price trades sideways in a very tight range.
In addition to that, the descending trend line from the swing high acts as the upside barrier for the BTC buyers. The bulls attempted to breach it on April 21 but failed to do so. Thus, a bounce back to the bearish slopping line at $40,000 is expected. An acceptance above with strong volumes would offer $42,000 on the table.
On the flip side, a daily close below the session’s low would invalidate the bullish theory for the price. In that case, the downside would be found at $36,000.
As of publication time, BTC/ USD is trading at $39,874, up 5.63% for the day. The pioneer cryptocurrency by the market cap is containing a 24-hour trading volume of $35,528,442,016 according to CoinMarketCap.
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RSI: The relative strength index pierced sharply above the average line while reading still below 50. An upward movement in the oscillator would strengthen the bullish bias.
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