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Bitcoin’s Failure To Overcome Resistance Could Lead To Further Decline

Bitcoin investors are unsure of what the future holds for their holdings, mainly because of the digital asset’s continuous rise and fall in value. The investment peaked at $42,000, quickly corrected to $40,000, where it stabilized before it started to decline. Since the continuous fall, investors are either selling their assets or hoping that the price would not drop further amidst the current bearish run.

New investors who came in late last year mainly cashed on from the price increase, while experienced traders held their assets to surge the price. Interestingly, compared to other cryptocurrencies, Bitcoin’s performance is not impressive because even ETH gained momentum to rise to its current $1300 range, where sources claim that the asset could reach its all-time high soon.

Selling pressure increases for Bitcoin

Despite the continuous decline, investors still put their assets for sale for fear of it dropping further. Now, Bitcoin sees a support level of around $33,000, which means that if it drops below its current price, the support level will hold it, leaving the price around its range.

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Now, the digital asset sees some significant resistance level around $40,000, $42,000 and $44,000. On the flip side, its support level holds significantly around $30,000, $28,000, $25,000, being its strongest hold against further decline.

The digital asset cannot move up the charts with the traders selling around the $32,000 range, preventing the digital asset from recording significant returns. The market is slightly bearish, with some investors not willing to wait for Bitcoin’s future surge.

Experts predict that bulls have to up their game for the crypto to record any new gains amidst the sell-offs that presently wipes millions for Bitcoin’s current market cap, signaling the shrinking of the digital asset industry. The market is currently uncertain with BTC’s next price, but what is inevitable is that if selling pressure increases, the price would fall.

Bitcoin fails to overcome resistance point

Experts predict that overcoming the $38,000 resistance point is essential for the surge of the digital asset. The asset fell from its $40,000 high, signaling a possible price correction, which led to an uproar that caused the downtrends it faces currently.

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The crypto is presently trading around $34,000 on prominent exchanges, meaning that it saw some decline within the past three days. Fortunately, the support level of approximately $33,000 holds it up against unexpected corrections.

The market bears are dragging down new gains, while sources predict that the current market structure would accommodate the asset’s upward movement if the bullish trend continues. The 4-hour chart explains that the asset faces new resistance in the $35,000 price range, leading to uncertainty. Despite its current movement, the bulls might commit enough to shoot the investment to an all-time high.

The asset’s recent move is taking the $37,000 range in a bid to retake its peak. If the price falls further, the digital asset could end up in the $32,000 range, around $10,000 from its highest value. Nevertheless, the bullish trend is helping other assets add significant gains.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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