Home Cryptocurrency Bitcoin price analysis: BTC rebounds from sub $30K dip but threat looms large

Bitcoin price analysis: BTC rebounds from sub $30K dip but threat looms large

by Serge Shlykov

After falling to a yearly low of $2,100 in early 2018, Bitcoin found a new life in the latter half of the year, climbing to a high of $4,500 by the end of December. But where does that leave us now? The answer involves a recap of Bitcoin’s performance from late 2017 and early 2018, and the current state of the cryptocurrency market today.

Today’s Bitcoin price is at $4,236.98, up 3.29%.  Bitcoin price analysis: BTC rebounds from sub $30K dip but threat looms large.  Bitcoin price analysis: BTC rebounds from sub $30K dip but threat looms large.  BTC/USD price analysis:  Bitcoin price analysis: BTC rebounds from sub $30K dip but threat looms large.  Bitcoin price analysis: BTC rebounds from sub $30K dip but threat looms large.  Bitcoin price analysis: BTC rebounds from sub $30K dip but threat looms large.  Bitcoin price analysis: BTC rebounds from sub $30K dip but threat looms large.  Bitcoin price analysis: BTC rebounds from sub $30K dip but threat looms large

As the rest of the world cringes at the threat of a recession that comes with a slowdown in the global economy, Bitcoin is enjoying a moment of celebration in the markets. After dropping to a session low in the mid- $28,000 range, the currency has been rising, retesting the sub $30,000 mark and gaining momentum.. Read more about bitcoin drops to $30k and let us know what you think.

Summary of the situation

  • The bearish analysis of bitcoin price is in full swing as the pair tries to break through the $33,000 level.
  • BTC/USD drops below $30,000 and reaches a low of $28,600.
  • The bulls are seeing strong resistance at $33,500 and then at $36,000.
  • BTC has lost 22% of its value in the last seven trading sessions.

Bitcoin price chart from TradingView

The price of crypto-currencies is currently in recovery mode after a downtrend, as shown by the analysis of the bitcoin price. On the hourly charts, you can see that the gradual decline in price movement is accompanied by the Bollinger Bands. The downward price action is gradually reducing the value of BTC, which has fallen 22% in the last seven trading sessions.

From a technical standpoint, the RSI has not suffered much from the downturn and has settled well in the neutral zone. The buying and selling pressure is balanced. The Awesome oscillator is also not showing any strong movement indicating an immediate threat to the bulls or the bears.

Bitcoin Price Analysis Number: Will BTC repeat the $30K test?

The current BTC price decline continues for the third month, and the all-time high of $64,800 is far away. The crackdown in China and the combative stance of the US Federal Reserve will only put more pressure on the currency, according to an analysis of the bitcoin price.

If buyers manage to push the price above $34,000, momentum could take the pair to $37,000. There is serious resistance at the $35,000 level and then at the $37,600 level. The combination of volume and liquidity will help BTC/USD withstand the bearish onslaught that awaits the pair in the future. Bitcoin price analysis suggests that sellers will position themselves to bring the pair back towards the $30,000 pivot point.

Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.The price of Bitcoin has performed a bit of a roller coaster in the past week. The cryptocurrency has been facing additional headwinds from the rising dollar because of the US interest rate hike, as well as a sudden drop in trading volume.. Read more about bitcoin $4 billion options and let us know what you think.

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