(BTC) Bitcoin News TodayPrice Analysis

BTC on a Critical Point after $6k Rebound – Price Analysis

BTC is still 8% up in the last 24 hours, after gaining more than $6k, before retracing slightly from $37.6K.

The leading digital coin has had an interesting volatile session over the past weeks after breaking under a symmetrical triangle form on Monday and dropping drastically to a $31k low on Tuesday. However, BTC had a quicker rebound to $37,630 early today due to a near-term bearish .786 Fibonacci Retracement swings.

When writing this, BTC retests at the lower border of the triangle at the $36k zone, the current support.

In the last three days, candles formed a morning reversal pattern. That can show that BTC attempts to rebound with a temporary bottom due to the drastic mid-May declines. Keep in mind that the leading crypto asset lost up to 50% due to the market crash.

On the other hand, the decent wicks from the daily chart indicate a bullish move. While BTC declined beneath $33k in the four days, buyers stormed the market, increasing the prices and closing daily candles over a level that shows strong accumulation.

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Another thing that investors should beware of is the “floor” around the zone ranging from $30k to $31k. Expert view the area as a bullish pattern over the last month. That would be so unless the late one breaks down.

Meanwhile, investors should know that BTC still forms multiple high lows trajectory on its daily chart. BTC has to break the $39.4k high of June to show fading of the 2-month stretched downward spree. Moreover, Bitcoin must break above the $42,000 for a reliable bullish run.

Critical BTC Resistance and Support Levels

  • Key Support Areas – $36.1K, $35.1K, $34.3K, – $34K, $33.5K, $33K
  • Key Resistance Areas – $37.6K, $38.4K, $39.4K

Ahead, BTC’s support is at .236Fib ($36.1K). Others that follow include .382 Fib ($35.1K), .5 Fib (34.3K), $34K, and $33.5K. More support lies at $33K and $32.4K.

Meanwhile, the coin has its first resistance at $37.6K, today’s and yesterday’s high while writing this content, coupled with a .786 Fib bearish level. Added resistance is at the descending trend, $38K. Others are bearish .886 Fib ($38.4K), $39.4K and $40.7K (.382 Fib medium-term bearish).

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Eino Kinnunen (Finland)

Eino is a new writer for Tokenhell, he resides in Espoo, Finland and he has been a crypto journalist for over 3 years for various cryptocurrency news agencies.

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