(BTC) Bitcoin News TodayCryptocurrencyNews

Bitcoin (BTC/USD) Operates in Ranges – What Next?

The BTC/USD pair keeps operating in ranges after the slight dropping momentum that saw its value hovering around the $32,045 mark. Keep in mind that the overall crypto market has recently remained calm due to the absence of the correct sentiments to trigger price changes. 

  • Vital resistance levels – $35K, $40K, and $45K 
  • Vital support levels – $30K, $27.5K, and $25K

BTC/USD Daily Chart 

According to the BTC-USD daily chart, the leading crypto has traded in the $35,000 to $30,000 range in a while now. The market has smaller candles forming towards $30,000, the lower range area. The crucial support line remains around $30K, indicating how long the market will experience the downtrend momentum in a long-term time frame. The 14-d SMA is below the 50-d SMA as the bear trend-line crosses them. The stochastic oscillators maintain in the oversold territory, somewhat highlighting a southward move. Such market conditions show that Bitcoin still experiences massive pressure pegged with the United States fiat currency. 

📰  El Salvador: There Will Be No Tax On Bitcoin Profits

Will BTC/USD Lower to Break the Vital Support Baseline? 

For now, the BTC-USD market seems to stabilize from the downtrend momentum each day as it maintains in ranges. With that, the pair has chances not to break the vital support line at 30K in the near trading sessions. For now, bulls should aim to control the market, extending their search for substantial buy entry near the value mentioned earlier. However, the market has not shown massive buying signals that bulls can depend on for now. 

On the other part, bears have to act with caution with their extended entries even if the market experiences turmoil with downward momentum towards the vital baseline support at $30,000. Increased drops in a gradual motion might send the asset’s value near the support zone. Extended activities below that zone may act like the bear’s trapping zone. With that, market players may have to avoid more shorts. 

📰  Cardano Completes Its Alonzo Hard Fork Upgrade with Smart Contract Launch

BTC/USD Four-Hour Chart 

The BTC/USD four-hour chart shows that the coin has been operating around $32,000 (lower range zone) since July 15 to date. The upper line lies at $36K. The 50-d SMA is above the 14-d SMA, keeping the SMAs in a range-bound territory. For now, investors need to be careful when planning to execute new positions.

Where do you see this pair next? Share your opinions below.

Bentley Kapoor (India)

Bentley is a cryptocurrency enthusiast and trader, his articles are news and platform review based. His writings are brought to you through his 10 years of experience in the cryptocurrency markets.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close