Bitcoin price is again retesting the lower levels in an attempt to flip the previous resistance levels into support levels
The price may go further down, yet might take a kick-off towards the higher levels in the coming weeks
Bitcoin Price Dip In Progress
Bitcoin price trend has flipped the bulls since the mid-may crash. Even though the price reinstigates an uptrend, the bears gear up to accomplish their job. BTC price, despite multiple rejections at $40,000, still continued the attempt to smash the levels. However, after a series of ventures, Bitcoin finally broke the levels and sustain for a while.
With the recent dip, it appears that the bears are trying to suppress the BTC price which the much-required plot for the bulls. The price after experiencing a brawl to reach $40,000 from $31,000, may have cooled down a little. However, after a substantial warm-up, the price may again resume with the uptrend.
As many as two substantial scenarios can be drawn for the upcoming price movements. The popular analyst Rekt capital marks the crucial levels to sustain to have a healthy bull run.
The analyst has marked the red and green zones at $29,407.38 and $38,824.06 respectively where-in $32,192 are the strong support levels. The price initially was trending within the falling wedge that broke in the past trading day. Woefully, it is on the verge of retesting similar regions within the falling wedge.
People Believe In Bitcoin Despite Price Slash
As the narrow trend continues to haunt the BTC price, a misty cloud of suspicion surrounded the rally. More analysts rolled out much lower levels, as low as $20,000, for the price to test. However, the retail traders and the investors yet believed in the upcoming bitcoin price rally.
One of the major pointers is the jump in the BTC whale addresses. One of the popular on-chain platform Santiment recorded the growth of the address holding 1000 to 10,000 BTC surged despite the market crash. Moreover, the platform said the whales kept on accumulating during the narrow trend post the crash.
In another instance, El Salvador, the primitive nation to legalize Bitcoin received huge interest worldwide. Google trends suggest an immense increase in the demand for real estate ever since the country adopted Bitcoin. This may give a bigger boost to the country’s economy.
Setting aside the current trend, Bitcoin price could rally in the coming months that may carry the price close to its previous peak. Also, the ongoing positive developments within the crypto space may also aid the BTC price rally.