BTC Price Follows Downtrend; Bearish or Bullish in Future? -Breaking
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© Reuters BTC Price Follows Downtrend; Bearish or Bullish in Future?- BTC has now turned red, with an estimated price of $38,477.53.
- BTC’s price could fall if it breaches its ascending support level.
- The ascending support level has been in use since January 2022.
With many cryptos trading with little variation, and others falling sharply in price, the global cryptocurrency market is currently low. The price of Bitcoin (BTC), is currently $38,477.53. This represents a drop of 3.29% in 24 hours. It is yet another drop following the failure of it to break through $40,000 resistance. There have been red flags in 24 hour for coins like ETH, BNB, SOL and SOL.
BTC is riding above an ascending support level since January 2022. BTC’s price could plummet if it breaches this support level. BTC’s price is also on the decline after an increase of $42,963 in April 2022. A drop below its current price would create a bearish trend.
BTC/USDT 1 day chart (source TradingView
The BTC price is on an upward trend for the past month. It has been rising steadily from March 22 through March 28 2022. The opposite happened, however. After this spike stage the value of BTC plummeted.
BTC could fall sharply if it fails to reach its $40,000 resistance level. BTC would surge if it reaches $39,000 as its immediate support. More importantly, if it breaks the $36,000 support level, then the price of Bitcoin will drop to $30,000 in demand.
BTC could soar to a higher price than the current one if Relative Strength Index indicators (RSI) break the descending trendline.
BTC fuel posted on Twitter (NYSE) that the anticipated bearish phase for BTC was not happening and suggested that the coin could lead to an immediate mega-pump. BTC was able to follow a similar trend back in 2015. It then increased its speed in the days that followed.
Similar to 2015’s Bitcoin bear market, #Bitcoin also has the same setup
It is possible that the diagonal support may be lost. However this should immediately lead to a MEGAPUMP FOR #BITCOIN pic.twitter.com/1ylgf6UfMu
— BTCfuel (@BTCfuel) April 23, 2022
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. The information contained in this article shouldn’t be taken as advice. CoinQuora advises its users to research cryptocurrency before making any investment.
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