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.”
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.