Bitcoin Price Prediction, Buying seen during Dips
- Bitcoin initiated a new decline following news of Binance's settlement and CZ's resignation.
- Bitcoin is trading below $37,000 and the 100-hourly simple moving average.
- BTC price may face challenges in the short term, yet downturns could be appealing to bullish investors.
Bitcoin holds $35,500 support; dips could attract buyers.
Bitcoin's recent climb has faced barriers near the $38K threshold.
Bitcoin prices saw a decline today following the release of the latest FOMC minutes.
Buyers anticipate initial support at the mid-boundary of the ascending channel on the long time frame work and the $35,00 support zone.
Technical Views:-
According to Coingabbar Technical Analysis, Triple-top pattern identified, signaling a bearish outlook.
Extended bearish divergence between price and RSI signals short-term decline, reflecting weakened bullish momentum.
Bitcoin price retraced to the lower side of the ascending channel before rebounding on the 4-hour chart.
A Bearish Engulfing pattern emerged on the daily BTC chart, suggesting weakness.
Bitcoin is trading between key levels: seller congestion at $38,000 and support at $36,000.
Trading on either side of this range holds the potential for bullish or bearish outcomes for BTC.
KEY LEVELS :
RESISTANCE LEVEL : $37,000-$37,500
SUPPORT LEVEL : $36,300-$35,700
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
