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Bearish Blues For Bitcoin as the Largest Cryptocurrency Falls Below $38k!

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Bitcoin’s Declining Price is Concerning the Cryptocurrency Investors, as BTC has once again fallen below the $38,000 barrier, putting investors on edge. Bitcoin market share is 46.40 percent at the time of writing, down 0.14 percent from the previous day. Before hitting the reverse button, the king coin was trading between $39k and $42k. Along with Bitcoin, Cardano, Litecoin, and XRP, even doge had previously gone on their own rallies, have now started to follow the king coin.

According to a report by glassnode they questioned whether this is a disbelief or Bear belief rally.

After an extended period of very negative sentiment, and sustained downwards price action, Bitcoin has traded high with gusto this week. A key question is whether this is a Disbelief Rally (where everyone doubts the new bull trend), or simply a Bearish Relief Rally in a larger time-frame downtrend.

Also Read : Bitcoin Price Set to Hit $50k! BTC to Breakout In Early September?

As long as the BTC/USD pair remains above the $37,000 support level, it is expected to recover. The price of bitcoin has risen beyond the $40,000 resistance mark. It even surpassed the $42,000 resistance mark, peaking at $42,500. Bitcoin has dropped to the top end of a trading range of $30,000 to $40,000 as a result of the price drop. 

Bearish Blues For Bitcoin

Bitcoin Price is currently trading at $37,828 (below $38000). The main support is currently building about $37,000, below which a further loss is possible. The next significant support level could be at $36,500, followed by $35,000. 

If the Bulls gain control, resistance levels at $39,316, $40,553, and $41,344 will be met.

On the four-hour chart, the MACD is presently gaining traction in the negative zone. It also displays a strong bearish signal, indicating that the path of least resistance is down. The RSI has fallen below 50. Only a break above $40,000 will bring the market back into balance.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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