Yesterday, Bitcoin Price consolidated in a range and pushed to $40,550 before being rejected. It plummeted -2.7 percent to $37,000 after reaching a high of $40,500 yesterday. The top ten coins are all in the red, with the entire market cap down 3.7 percent in the last 24 hours. Furthermore, the surge was not able to last.
The Flagship currency had been inflated so hard that a retest was expected. The Price now has a 48.11 percent market share.
Furthermore, Amazon.com Inc has denied the rumors in the media that the e-commerce behemoth plans to accept Bitcoin payments by the end of the year.
For Bitcoin bulls, the area right after $40,000 remains a significant obstacle to overcome. Before that, there is a lot of opposition to overcome.
Bitcoin is now trading at $37,411 at the time of writing. $41,280 is the first major resistance level, followed by $44,879 and $49,284. It’s critical for BTC to establish a firm support level at $36,500. If the bearish feeling persists, the initial support level is at $33,276; following that, $28,957 comes into play.
The technical signs are all in favor of the bulls. The RSI is over 50, and the Stochastic oscillator has made a positive cross. Furthermore, the MACD is trending upwards and is on the verge of crossing into positive territory.
Bitcoin has rejected the range high, according to popular analyst Michael van De popped, which isn’t surprising.
He claims that the market has reached a new higher high and is now looking for a new higher low. He’s keeping an eye on the $34,500-35,800 range, as well as the $32,500 area.