Bitcoin Price Drops Below the Crucial Level of $33k, Here is the Next Target Level!


Bitcoin plummeted to slightly over $33,000 on Monday, only four days after hitting a four-day high of $36,000. BTC attempted to break over a major barrier around $36,000 as the market awaited a breakout, but it is already losing ground below the $35,000 mark. 


The Bitcoin bulls may have a chance to retake the $33,000 support level. However, as BTC’s price dropped below $33,000, it could result in losses and a rapid climb towards the nearest support at $32000. 

The battle to stay above $35,000 will take primacy even more so. Despite the fact that we are in a state of stagnation, there are signs that it may be coming to an end.

  • Resistance Levels: $38,000, $40,000
  • Support Levels: $30,000, $28,000

Bitcoin is expected to break out of its seven-week trading range of $30,000 to $40,000, according to ZebPay Trade Desk. Several indicators that measure price volatility’s cyclical nature hint that a large shift is on the way.

Analyst weigh High Expectations on Bitcoin

Long-term bitcoin holders have been acquiring coins while short-term holders have been selling, according to popular bitcoin analyst Willy Woo, who predicts that a potential supply shock for Bitcoin could see the price of the flagship cryptocurrency increase in the near future. 

According to reports, the expert believes BTC Price will reach $200,000 by the end of the year, despite decreasing his BTC price projection from $400,000. 

While the 33k level has been a critical support level for Bitcoin, expert Micheal Van De popped feels the currency is still functioning inside its range.

Although no one can predict when a breakout would occur, it appears to be very likely that it will occur on the upside.

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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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