Bitcoin suffered the worst weekly close which also impacted the opening of the fresh week trade too
The depleting trend and craze for Bitcoin has raised concerns for the rally, however, more unexpected twists could be forthcoming
The price after going sideways for a prolonged period is expected to hit $40K in just one go very soon
Bitcoin price yet again flipped the weekend predictions and tanked below displaying one of the poor closes till now. The price closed below the 200-day MA and the new open was along the threshold of the 50-day MA. Hence showcasing a terrible week appearing ahead for the BTC price which could slip to $28,000 or even low.
Despite the weekly close displayed a very bearish trend approaching fast, yet remained above the OBV(On-Balance Volume) support levels. It’s a technical indicator used to predict bearish or bullish momentum using volume changes. As mentioned by an analyst, despite a drop below these levels, the price took a sharp reversal and sustained above.
The analyst also pointed that despite the sideway trend and substantial plunges, the price still maintained above the important OBV levels. Moreover, when asked about the EOY predictions, the analysts answered $40K. Therefore this could be the most bearish prediction in the space where the other bunch of people believe, $40K may be reached in one shot.
What’s Next For The Bitcoin Price?
Many analysts and influencers are much furious about the poor weekly close of the Bitcoin price. And moreover, the extended sideways trend for a very long period of time has raised many eyebrows. Where some thought the rally could revisit $28K support levels, others believe, the BTC price could jump to $40,000 in one shot.
The interesting part here is, the weekly close due to which many expect a plunge below $30K, is the base for a steep jump as per the analyst. On the other hand, the volumes in most of the exchanges have dried up. As the price is undergoing an accumulation phase with less volatility and tiny price movements.
There are two important levels right now where the bitcoin price can experience significant volatility. One is above $45000 and the other is at the $28,000 levels, where-in a bunch of buyers are expected to jump in. Yet whether the BTC price will tank below $30,000 is the important thing to notice.