• A bearish week could lead to 6 consecutive red candlesticks.
• If bulls want to take the $37,000 spot, prices could plummet up to $32,000.
• The market should see a surge if Bitcoin hits $32,000

Many had to sell their bitcoin positions after an overnight Bitcoin crash. Two days of trying to get back to $40,000, Bitcoin crashed overnight. The bears now have the upper hand and have forced the chief cryptocurrency to surrender to them until 35,500.

CoinGecko reports that the Bitcoin price stands at $36,487.44 as of this writing. However, the entire crypto space is all-eyes on what will become Bitcoin’s fate in the next couple of weeks. Below are some possible outcomes.

Bitcoin Price Analysis: Lower Highs and Lower Lowers

Bitcoin’s downtrend has continued for a while after the failure to realize the super-bullish scenario of $100,000 as many crypto bears had predicted. Two strong psychological resistance levels have been identified by the market so far: $50,000 and $45,000

Bitcoin has to take back the support positions given to it by the bulls to be able to attain these levels.

BTC/USDT 1 day chart (source TradingView

You can see that Bitcoin has been through at least three price collapses since its inception. Bitcoin reached $32,000 in January 2018, the worst. But, the event demonstrated that Bitcoin is still a solid base and is an area that investors and traders should be vigilant to.

The bulls at $32,000 will provide huge resistance if Bitcoin does not recover from its current price. It is important to note that Bitcoin’s accumulation phase takes quite a while. Bitcoin’s normal phase is ending, which means that the currency can sometimes crash.

But, it is possible that Bitcoin could recover. Trading volume as of yesterday, May 5, has indicated that many traders have sold their long positions. Relative Strength Index 38 shows Bitcoin’s near-to-oversold status. If the price drops to $35,000., traders will be interested in entering.

Only if Bitcoin turns the $37,000 resistance in support can we be sure that Bitcoin is on its way back. This price level is another important one that traders need to be aware of.

BTC Weekly Analysis: Six consecutive bearish weeks

A weekly chart that does not support Bitcoin bulls is also negative.

BTC/USDT 1 week chart (source TradingView

This would indicate that Bitcoin will close on another red candle if the market sentiment is maintained throughout the week. It has been this way for five weeks straight. Furthermore, Bitcoin’s price is still below the crucial support level of $37,000.

Bitcoin investors need to reach the $37,000 mark before week ends. If the market falls to $33,000 or more, traders should be vigilant. This could lead to a rebound into $35,000 for the market.

The two main things you need to be aware of are (1) Bitcoin’s retaking the $37,000 territory, and (2) Bitcoin falling to $32,000.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. This article is not intended to be used as investment advice. CoinQuora advises its users to research cryptocurrency before making any investment.

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