The daily chart shows the price of Bitcoin still stuck in sideways trading as the bulls have been unable to break above the key $34.5k resistance. There is a possibility the longer downtrend line will be broken, but as of now the price is trading just above the 50% Fibonacci retracement level of the last wave up. This is why many traders are now fatigued and are looking for other opportunities (e.g. Ethereum or Cardano).
Bitcoin, the top cryptocurrency has struggled in the last few days, with some traders fatigued as they wait for a break above $34.5k. A quick glance at the charts shows that this is a key level, as the BTC/USD pair has yet to reach $37k…
Bitcoin has been moving sideways for the past few days, with most of the movement within the $3700 and $4000 price levels. With some resistance at $34.5k, the bulls and bears are both stuck in a stalemate, and their arguments are becoming less convincing by the day.
Summary of the situation
- Traders are fed up with the constant battle in the crypto currency market.
- Analysts indicate that the next resistance after $34.5k is at $37k.
- Bitcoin needs to break through this resistance and hold it as support for signs of an uptrend to appear.
Bitcoin, the world’s largest cryptocurrency, has been on its knees since May. The fluctuations in the price of bitcoin are due to various reasons, and many investors have seen their wallets shrink to half their original value. The cryptocurrency market is active, and it’s been weeks since the currency’s value fell to half of its all-time high.
BTC is currently trading at $33965, up 0.93%. Previously, the price of BTC was a whopping 34.5 thousand dollars. Traders thought this could be a moment of market recovery, yet BTC fell back to $32k. Now that the currency has risen from $28,000 to $34,000, already jaded traders think this may be just a correction.
Next big resistance for bitcoin
According to analysts, bitcoin may retest its next major resistance at the $37k level. This is the reason why all traders are watching the movements of bitcoin. According to the market analysis, to reach $37k, BTC needs to bounce from $32k and go to the next major resistance. If the currency breaks through the $32,000 support level, the market could turn bearish.
If bitcoin reaches $37,000, market experts say it is possible that the market will take an upward turn. However, this cannot be confirmed until resistance at the $37 level is broken. If BTC can break through resistance at this key level, the market could head towards a bullish trend. Traders have been waiting a long time for such an upward move.
The value of the Puell indicator has reached an all-time low. This indicator is very effective and was able to predict the bull market’s rise earlier this year. So the signs are that the crisis is over and we can enter a recovery phase.Bitcoin has had a rough week. Last week it rose to as high as $3,900 (at the time of writing), but that was followed by a surge in trading volume to $1.6 billion over the weekend. That didn’t feel like a sustainable level of trading which was exacerbated by a 6 percent decline on Friday. This brought Bitcoin’s market capitalization down by nearly $3 billion, which led to a spike in volume and prices, which then fell by $300 by mid-day.. Read more about tradingview crypto screener settings and let us know what you think.
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