Bitcoin (BTC) price dropped by almost $ 11,000 within 48 hours and fell 25%. The drastic fall of the leading cryptocurrency has caused many crypto investors to panic. BTC / USD technical analysis indicates that there may still be hope.
BTC / USD Chart
The date January 11, when many cryptocurrency investors began to refer to it as "Black Monday," drove not only Bitcoin but also altcoins to the bottom. Bitcoin price found support at $ 33,000 and subsequently rose above $ 35,000. Up to the 50 MA level, i.e. $ 36,460. BTC, which rose and was rejected from the resistance level here, has dropped below $ 35,000 as of the time of this writing.
The BTC / USD pair fell nearly 3.5% in the past 1 hour, dropping below $ 35,000, reviving fear of decline. With the Bitcoin price turned upside down, it was seen that selling pressure began to occur in altcoins.
Bitcoin Reviews
Bitcoin comments by experts indicate that the $ 30,000 level is critical. $ 30,000 also means a fall below the .382 Fibonacci retracement level, according to technical analysis. The BTC price has been pulled below the 4-hour 50 MA at the time of this writing, with the most critical support going to be $ 32,500.
If the BTC price drops below $ 32,500, the $ 30,000 levels may not be seen for a long time. The trend reversal of the leading cryptocurrency could bring $ 36,460, followed by $ 37,151 and finally $ 37,940.
The most critical resistance point of the bitcoin price is seen at $ 38,000, which corresponds to the .618 Fibonacci retracement level. In the continuation of this, a rapid rise can be seen to the all-time record of $ 42,000.
Can You Buy Bitcoin?
Buying Bitcoin at this level is perhaps more risky than ever. Therefore, it would be beneficial for investors to expect a clear breakout. The risk is further increased if the BTC price loses the $ 30,000 support.
However, if the BTC price rises above $ 40,000 and starts to move sideways from there, BTC can quickly move to a new record in a short time and the situation may change completely.
Note: The information, comments and evaluations contained here are NOT in the Scope of Investment Consultancy.