Bitcoin

Bitcoin Price Should Breach This Level to Claim a Full-Blown Rebound

Bitcoin (BTC) Price today has given up some of its gains in a test of lower levels. Data suggests that the price had hit $32,400 i.e the local lows. Previously, BTC/USD had climbed to as high as $34,711, after plunging to six-month lows of $28,600.

The fast recovery to the $33000 level did invert the trend. but the entire bearish trend reversing to a bull rally is not be validated till BTC retests its key levels and establishes it as support.

Bitcoin Price $37K Mark is Vital

Popular trader and analyst Crypto Ed in his recent tweet mentions, although the CT is turning bearish again, it probably is a correction of the bounce from 28k. 

He said that he expects “at least” another push to a local top of $37,000–$38,000, but that this would be more plausible if Bitcoin bounced around the $32,000 target zone.

Trader and analyst Rekt Capital has also given his 2 cents. According to Rekt, BTC is still in the process of retesting the  $32000 level as support. “Hold here and $BTC should be able to challenge higher soon.”

He added. 

The Whalemap, analytics service has also indicated that $37000 is a big resistance hurdle for Bitcoin to surpass. This is caused due to the distribution of whale positions.

At the time of writing, Bitcoin is trading at $$33,446.71 down by 2.1% in the last 24 hours.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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