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.