The crypto fear and greed index now stands at 72 as the market lost $200 billion in 24 hours. This affected Bitcoin seriously as it slipped under $35,000 after losing 2%. Most altcoins are also bleeding out.
Since Bitcoin’s price reached the $35,280 level last week, it has been facing a lot of hurdles while it struggles to sustain momentum in the past few days.
However, it advanced higher a bit this week and managed to touch exactly $35,984 yesterday. The bears reacted fast to that price level and intercepted the surge. The price suddenly rejected and dropped below the $35,000 level.
Despite that, the trend is still looking bullish on the daily chart. As the bears now show interest in price, the primary coin may lose some chunk of dollars and cool off for the next two weeks before it picks up again.
If such a scenario comes into play, the price could retrace downward to revisit the previous yearly high that broke during the October surge. The vital support to watch for a potential correction is the $30,000 level.
Meanwhile, the May 2022 breakdown level of $37,500 remains a key target for Bitcoin’s bulls in this ongoing rally. If they manage to push through yesterday’s high in the coming days, that price level could be tested before dropping.
Bitcoin’s Key Levels To Watch
For more increase, Bitcoin must climb back above $35,000 and most importantly the $35,984 level that stopped buying pressure yesterday. After that, we can consider $37,000 and $38,000 as the next key resistance for a test.
A daily candle close below $34,000 may trigger more drops to $33,393 (week’s low) before breaking lower to $32,602 and the $31,816 support that broke as resistance last month.
Key Resistance Levels: $35,984, $37,000, $38,000
Key Support Levels: $33,393, $32,602, $31,816
- Spot Price: $34,484
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.