Is Bitcoin About to Plummet Below $37K? (BTC Price Analysis)
Technical Analysis By Shayan Bitcoin's recent upward momentum has encountered resistance around the $38K mark, primarily due to prevailing selling...
- Bitcoin's upward momentum has faced resistance around the $38K mark due to selling pressure.
- Price action indicates a potential short-term reversal, with retracements pointing towards the $35K threshold.
- The presence of sellers has created a range bounded by $35K support and $38K resistance.
- Bearish divergence between price and RSI suggests a short-term decline, but a consolidation correction is more likely.
- On the 4-hour chart, Bitcoin formed an ascending wedge pattern and a head and shoulders pattern, indicating a potential bearish reversal.
- The movement of Bitcoin from miner wallets to exchange wallets provides insights into market activities.
- The transfer of coins to exchanges increases liquidity and selling pressure.
- The flow of BTC from miners to exchanges has reached its lowest level since 2017, suggesting miners may be accumulating Bitcoin and signaling bullish sentiment.
The article provides a mix of both positive and negative sentiment. It highlights resistance and selling pressure as setbacks, but also suggests potential short-term reversals and bullish market sentiment based on miner activity.