Due to the latest price drops across the market, Bitcoin went red and lost over 4% in the last 24 hours. Still, its dominance stands at 51.8% as the fear and greed index drops to 67. More bleeding may surface!
Bitcoin appeared to be losing ground again after a quick recovery from $35,000 – the current monthly low – in the mid-month.
However, the latest price drop was triggered by a rejection after twice failed attempts to push above the $37,980 level in the past few days.
Since it touched that level a few days ago, buying pressure has remained paused as a result of a drop in volatility. However, the above monthly low has acted as solid support during this period of consolidation.
This consolidation may lead to another accumulation phase for the leading cryptocurrency if trading holds well above the mentioned monthly low. If that happens, more rallies should be expected towards the $40,000 level.
But looking at the ascending channel formation on the daily chart, the price has tested the upper boundary as it seems due for a correction. The $30,000 level is the main selling target to watch if the correction comes into play.
Currently, Bitcoin remains in a bullish zone in the mid-term. For this reason, there’s still hope for the bulls if the volume inflow increases on a weekly.
Bitcoin’s Key Levels To Watch
Bitcoin just recovered briefly above the $36,000 level. If it loses this level in the next few hours, the $35,000 and $34,578 levels would be the next support to watch, followed by $33,393 and $32,602.
The $36,729 level now serves as resistance on the lower timeframe. A push above it could bring a recovery back to $37,982 before surging to $38,500 and $39,000.
Key Resistance Levels: $36,729, $37,982, $38,500
Key Support Levels: $34,578, $33,393, $32,602
- Spot Price: $36,000
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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