The crypto industry has experienced a significant price drop following the news of Binance crypto exchange’s Changpeng Zhao (CZ) stepping down as the company’s CEO after being found guilty of money laundering charges. Bitcoin recorded a drop of over 2.5%, with major cryptocurrencies displaying similar market trends.
On the other hand, Grayscale recently met with the SEC to express concern about the spot Bitcoin ETF listing, indicating the increasing demand for this futuristic technology. BitcoinETF has played a significant role in the recent market pump, but the hype has started to fade as the decision has been stretched, resulting in investors’ losing interest.
Bitcoin Price Analysis:
Bitcoin price traded in a consolidated range between $26.558.10 and $27,025.69 for a brief period, following which the market gained momentum and the price surged. The BTC price successfully broke out of the range and continued to rise.
The star crypto was rejected at the key resistance level of $35,000, after which the price lost momentum and traded sideways for almost two weeks, recording constant price fluctuations. After multiple failed attempts, the bulls broke out of the upper level, indicating a bullish influence in the market.
Bitcoin recorded a 7% jump before being rejected at $37,033.37. Following this, the price hovered close to the resistance/support level before finally losing momentum and experiencing a dip in value.
The bulls managed to hold the price above the important level of $35,000, after which the BTC coin regained momentum and surged. The price faced another rejection at $38,082.91, following which it has been trading sideways between $36,000 and $37,033.37.
The MACD indicator displays a rising red histogram, indicating an ongoing massive price action in the market. Further, the averages show a sharp fall, suggesting the price will continue to lose value in the coming days.
Will BTC Price Go Back Up?
If the bulls regain power, the price will start moving positively and run to test its resistance level of $37,033.37 soon. Further, if the market maintains the price at that level, it will set the stage for the BTC price to attempt to test its upper resistance level of $38,082.91 in the coming time.
Conversely, if a market trend reversal occurs, Bitcoin will lose momentum and fall to test its support level of $36,000. If the bulls fail to hold the price at that level and the bears overpower them, the price will continue to dip and test its lower support level of $35,000 in the coming days.
Moreover, if the market bears continue to dominate the industry, the BTC price will plunge further and prepare to test its crucial support level of $33,409.29 in the month ahead.
