Bitcoin experienced a drop on Thursday following the release of new macroeconomic data, attributed to stronger-than-expected unemployment claims.
The US dollar index (DXY) retreated, nearing 104 and approaching its lowest point since early September.
The U.S. Securities and Exchange Commission (SEC) announced a delay in the decision regarding Hashdex's application to transform its current bitcoin futures exchange-traded fund (ETF) into a spot vehicle.
According to Coingabbar Technical Analysis indicates a potential double top formation for BTC, hinting at a decline towards the $34,500 support level.
A bearish reversal pattern is suggested by the Tweezer Top candle on the daily BTC chart.
Bitcoin is undergoing a significant pullback, having rejected resistance once more at the $38,000 level within the Ascending Channel pattern.
The 4-hour chart reveals support for Bitcoin's price at the 100-four hourly moving average and the trendline, situated around $35,500.
Potential scenarios: If BTC fails to breach resistance, a price drop to the $35,500-$34,500 range is anticipated. Conversely, a successful breach and close above $38,000 could lead to price levels in the $40,000-$45,000 range.
KEY LEVELS :
RESISTANCE LEVEL : $36,800-$37,200
SUPPORT LEVEL : $36,000-$35,500
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.
