Is Reversal On Cards As Bitcoin (BTC) Clings Near $33,500!

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Bitcoin (BTC) price mirrored the US stock market fears owing to the concerns about the war in Ukraine. The ongoing conflict between Russia-Ukraine agitated by the US involvement triggered a broad sell-off in the global financial markets.

At the press time, BTC is trading at $33,314 losing nearly 8%. The 24-hour volume is recorded at $33,325.65 up 9%.

  • Russia-Ukraine turmoil has shaken the global financial markets.
  • BTC drops nearly 8% on geopolitical tension and risk aversion among investors.
  • Bulls remain hopeful near multi-month support level around $33,500.

El Salvador’s Treasury adds 410 Bitcoin-President Nayib Bukele tweet

The Central American country, El Salvador legalized Bitcoin last year. After the recent sell-off in BTC price, the country is adding the number of bitcoins in its treasury. As per the data, El Salvador have more than 1,500 Bitcoins in its reserve with more than $50 million in value.

On the weekly charts, BTC/USD has been fallen 52% from ATH made in the second week of November at $69,000. The price has been halved since then. Now, the BTC is trading at a very crucial support zone, which happens to be a confluence near $33,500. Furthermore, a weekly close below the level could see $28,000 in the immediate reaction. Negative divergence in RSI from the April highs near $64,900 resulted in the current price action.

The MACD (Moving Average Convergence Divergence) dips below the bearish midline, signaling the continuation of the meltdown. However, any uptick in the oscillator could result in some bottom buying opportunities for the investors.

According to CoinMarketCap data, BTC’s current market has tumbled from almost $1.3 trillion in November to the current market cap of $665 billion.

Furthermore, the Bitcoin (BTC) price could swing between $33,500 to $44,500 provided the bulls make some solid efforts to move back to sessions highs followed by a green candle with respectful volumes on the daily basis.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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