Awhile ago, Bitcoin witnessed constant low-points trading session, especially since the price started dropping due to the selling pressure at that point. The selling pressure contributed to the negative price correction Bitcoin and some other digital assets faced during the period. While experts assured that the price fall was natural, many people opined that the quick rise necessitated the rapid falls, which greatly affected the asset’s pricing.
During that time, Bitcoin became an unsuitable payment means with the growing volatility, which could change prices in minutes. The selling pressure lost some steam when the asset kept dropping at an alarming rate, which led to market bulls taking charge of the asset.
Bitcoin trades at high points with new $40,000 surge
Presently, the digital asset is around $39,000 which is inches from the iconic $40,000 mark. But, a few days ago, the asset tested the $40,000 range, showing that the traders are moving towards one of the highest it has done since early January.
When Bitcoin kept declining during its fluctuating levels, many thought that the price would keep falling due to the sell-off, but fortunately, the price appreciated continuously with market bulls aiming for the $45,000 price point.
Presently, the asset has three main resistance level around $44,000, $48,000 and $52,000. In the opposite direction, the asset has strong support around $30,000, $26,000 and $22,000. Based on statistics, the asset now has a notable support level from the $30,000 price mark when looking at several sessions. The 14-day moving average is bending towards the Northern side of the 50-day MA. The value shows its beneath the current trading price.
The stochastic Oscillators are now in the overbought areas, which could means that the price would hold before a new surge. Indicators show that the bulls could be losing the ability to take the price far beyond its range.
The high point trade helped the asset have a string support level around the $30,000 point. The price can only record some notable gains if the participants could rapidly and intensively break out from the $40,000 range to secure a higher point. The resistance at that point could hinder the asset from ore upward movements.
Current market situation
While many predict higher highs, the bears could see a better opportunity to move at the critical point of price reversals, which is must worse with the highly-volatile asset. The change could result to a price correction towards the $32,000 mark, which could initiate more panic-selling.
Presently, the asset is seeing some correctional changes, caused by the new price increase. Fortunately, there is a new strong buying pressure for Bitcoin, with new investors taking a move into the digital asset industry.
Because of the present correctional market, it’s dangerous to initiate a bull run, which could worsen the decline. Institutional buyers are also taking some steps to expand their asset portfolio by including Bitcoin in the reserve. The asset’s outstanding performance could significantly drive prices to an overwhelming pont.
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