Bitcoin Faces Supply Challenges At $38K, Indicating An Inflection Point: Can BTC Price Maintain Strong Limit Bids?
Bitcoin's value has recently shifted direction due to an increase in profit-taking activity just below the $38,000 mark. This level has been a crucial...
- Bitcoin's value has shifted due to profit-taking activity just below the $38,000 mark.
- Continuous resistance at this mark places Bitcoin in a bearish influence.
- The uptick in limit bids raises concerns about a short-term correction.
- Bitcoin experienced a substantial long liquidation exceeding $2 million, indicating a bearish sentiment.
- Selling pressure is increasing at $38,000, with a significant supply wall present.
- Large-value transactions increased when the price approached $38,000, suggesting profit-taking by whales.
- Bears are likely to attempt to hold the $38,000 level for a longer period.
- Bitcoin price breaking below the trend line may result in another selloff.
- If bulls break through the $38,000 barrier, it could signal a new upward trend.
- The downward trend of moving averages and trade below the midline for the RSI level suggest a higher likelihood of price decline.
The sentiment in the article is mostly bearish, with mentions of profit-taking, selling pressure, correction, and potential price decline.