The market still remains stagnant, with Bitcoin experiencing the second-longest bull market, with the price of BTC stuck at $30,000. It also broke a key channel of 32K-36K after it fell below the $32k levels.
On the plus side, following communist China’s crackdown of miners, the Bitcoin Mean Hash Rate has already rebounded to mid-2020 levels. Bitcoin presently has a 46.42 percent market dominance share. Even though the Price is still in a state of fear, it will eventually recover.
Bitcoins price began to gain traction and began to move in the positive direction, almost reclaiming the $32k mark. The Bears, on the other hand, appeared to have regained control and pulled the price down. $32k has technically shifted from support to resistance.
It’s price action continued in the bearish zone after closing below $32,500. BTC even fell below the $32,000 support level, indicating that it has entered a negative zone. Near the $31,000 level, there is instant support. Bitcoin is now trading at $31,450 at the time of writing.
Bitcoin is still acting inside its range bound region, according to famous analyst Micheal van de Poppe, and even though it recorded its worst weekly close, the situation is not as bad as it appears.
In his most recent video, he mapped key resistance and support levels for Bitcoin. On the upside, he sees $32,500 as the key hurdle, followed by $34,400.
On the flip side, if the price falls below $31,000, he sees two possibilities. One in which the buyers enter and promptly flip back up to maintain upward momentum. In the second scenario, he envisions a $24,000 structure entering the picture.
The RSI is progressively recovering, despite the fact that its volume has declined in the last 24 hours. It’s possible that the price may remain in this range for another week.
This is a huge predictor of short-term price activity, and it’s pointing to a drop below $30k later this week.