Recently, the BTC market showed recovery hopes. However, the prominent crypto coin failed to maintain the uptrend. The crypto lost its ground after its value dropped below $34,000. While writing this, BTC trades nearly $33,365.
BTC Hourly Chart
Bitcoin’s value consolidated around $34,620 before rising to $36,617. However, the asset saw its price declining after the high. BTC dropped to the $34,620 support level but failed to maintain this value, dipping to its next support at $33,262.
Meanwhile, market experts find it challenging to predict where the leading asset will head next due to its decent price range.
The ongoing cryptocurrency regulation in various nations such as China accounts for the current high volatility witnessed in the digital trading space.
According to the BTC’s chart, the asset had its value declining in a downward channel and established a balance at around $34,620. According to the Visible Range, this value zone act as the POC (Point of Control), translating to massive trading pressure.
That tells why Bitcoin consolidated in this region. However, the coin dropped further to the $33,262 level due to the increased selling pressure. The asset hovered around the support as most buyers saw the price region as an entry-level. Unfortunately, Bitcoin lacked adequate buying pressure to flip the massive bearish outlook in the market.
DMI (Directional Movement Index) indicated that Bitcoin experienced declining pressure in the last 24 hours, growing gradually. The negative DI crossed above the positive DI, diverging at the moment. That shows the increased down pressure that the market saw.
BTC Market Now
As the overall crypto market has high volatility, for now, Bitcoin’s price might hover around $33,262 for some time. The crypto market showed massive bearishness with scanty trend reversal indications. The asset momentum dropped to the negative territory, which might keep the coin’s value at its current price.
If you are among the investors that take any opportunity in the crypto market, be extra careful with Bitcoin. Although the asset indicates recovery signs from time to time, it has failed to trade over the $35K vital level. However, if you are a long-term gamer, you may try your luck.
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