Bitcoin

Bitcoin Price to Hold on to the Crucial level of $33k ! Will BTC Dip Below This Level?

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The general market continues to trade in a bearish manner. The worldwide cryptocurrency market capitalization is at $1.40 trillion, down 0.98 percent from the previous day. 

For the next few days, Bitcoin price analysis is pessimistic. As a result, we may expect bears to regain control of the BTC/USD price action early next week and push the market considerably lower. 

As the weekend approaches, bitcoin price movement appears to be intensifying, which could lead to a reversal in line with prior short-term patterns. 

The impending Grayscale unlocking events are still a topic of debate, with opinions varying on whether BTC/USD will be affected.

The price of Bitcoin has remained above the $31,100-$32,200 key support zone. A break below these two levels will result in a significant drop below the $30,000 level. If bulls can hold the $35000 price above current levels, BTC will most likely soar to $36,500 or higher. 

The $35,000 resistance level was attempted but failed to be broken by buyers. BTC price reached a lower high of $36,500 and a lower low of $32,200 in the process. Bitcoin is currently trading at a price of $33,500. Bitcoin has been steadily increasing for the past 48 hours before becoming trapped below the current high. 

According to Rekt Capital, Bitcoin will retest the $33k level and establish it as a new support level.

On a more optimistic note, MicroStrategy filed to sell up to $1 billion in stock on Monday, in part to fund the purchase of more bitcoin. It already has 92,079 bitcoins, worth $3.6 billion, and is led by CEO Michael Saylor. This might potentially be a bullish catalyst for Bitcoin.

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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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