On Monday, Bitcoin briefly fell below $38,000, its lowest level in a week, as global markets sank over fears that the skyrocketing commodities prices triggered by Russia’s invasion of Ukraine might have a far greater and longer-lasting impact than previously expected.
BTC Price Action
Over the last 24 hours, BTC/USD has moved in a range of $37,709.98 to $39,430.23, exhibiting significant volatility. Trading volume has climbed by 28.27 percent to $23.355 billion, while total market capitalization is around $746.8 billion, resulting in a 42.34 percent market share.
The Bitcoin price is currently being rejected from the $39,500 resistance on the 4-hour chart, indicating that additional downside is probable in the coming 24 hours.
A fresh low was discovered around $39,000 by the start of the weekend. Bulls failed to reclaim control, resulting in more negative testing yesterday, with the next support level at $38,000 being challenged next.
Following that, a move higher to $39,500 was seen, with more upside rejection now being seen. Overall, the current market structure suggests that more loss is likely in the coming days as bears reclaim power.
Bitcoin Price to reach six figure mark this year?
The crypto analyst who predicted Bitcoin’s demise in May 2021 reveals how BTC could hit the six-figure milestone this year.
Dave the Wave, a pseudonymous analyst with 94,000 Twitter followers, claims that Bitcoin is still on course to hit $100,000 this year – but there’s a caveat.
While Dave the Wave’s chart expects a significant rise to approximately $120,000 by the end of the year, it also predicts a deep capitulation to around $25,000 before any bullish movement can begin.
When asked if geopolitical reasons like the European war, constrained supply chains, and rising oil prices will weigh down on Bitcoin, the crypto analyst claims that these events might actually be bullish for BTC, allowing it to emerge from its shadow as a speculative asset.
While the crypto researcher believes Bitcoin will be bullish in the next months, he believes BTC is currently negative from a high timeframe viewpoint. On the monthly timescale, BTC’s moving average convergence divergence (MACD) is still flashing red, according to Dave the Wave. The MACD is a trend-following indicator that evaluates whether bullish or bearish momentum is stronger.
Written by: Nidhi Kolhapur
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