BITCOIN - When will the dump stop?
Tensions between Russia and Ukraine have risen recently, with more than 100,000 Russian troops stationed on the Ukrainian border. All this negative news and the possibility of war between countries caused great fear among investors in financial markets, including the digital currency market.
Many cryptocurrency traders were terrified of the recent downturn, but according to Glassnode's On-Chain data, more than 60% of bitcoins have been left untouched in the recent downturns. This news means that many people still see an upward trend in bitcoin.
Mike McGlone, Bloomberg's senior commodity market strategist, has warned that bitcoin is facing tough weeks. The financial market analyst also noted that given the Biden government's efforts to reduce inflation, reducing inflation will only be possible with the devaluation of high-risk markets (such as the cryptocurrency market).
✅Well, Let's go for analysis on a daily timeframe.
The buyer's inability to defend the $ 39,600 support showed that the Bears were in power and could lower the price to around $ 38,000. The 20-day moving average (EMA) is bearish, and the relative resistance index (RSI) is in the negative range, which means that the trend is in the hands of bears.
If the price stays below $ 39,600, the downtrend could accelerate and cause bitcoins to fall to the next support range of $ 36,250 and $ 35,507, which are relatively strong supports.
If Bitcoin is not supported by the Bulls in the $ 35,000 support range and purchases do not increase, Bitcoin may see its current low support. This is the strongest support for Bitcoin and covers the range of $ 30,000.
But if the price can recover and push itself back above the $ 39,600 range, we can expect more growth for Bitcoin. Of course, the 20-day moving average should also go up.
In general, to consider the bitcoin trend to be upward, the price must reach above $ 45,000.
Many cryptocurrency traders were terrified of the recent downturn, but according to Glassnode's On-Chain data, more than 60% of bitcoins have been left untouched in the recent downturns. This news means that many people still see an upward trend in bitcoin.
Mike McGlone, Bloomberg's senior commodity market strategist, has warned that bitcoin is facing tough weeks. The financial market analyst also noted that given the Biden government's efforts to reduce inflation, reducing inflation will only be possible with the devaluation of high-risk markets (such as the cryptocurrency market).
✅Well, Let's go for analysis on a daily timeframe.
The buyer's inability to defend the $ 39,600 support showed that the Bears were in power and could lower the price to around $ 38,000. The 20-day moving average (EMA) is bearish, and the relative resistance index (RSI) is in the negative range, which means that the trend is in the hands of bears.
If the price stays below $ 39,600, the downtrend could accelerate and cause bitcoins to fall to the next support range of $ 36,250 and $ 35,507, which are relatively strong supports.
If Bitcoin is not supported by the Bulls in the $ 35,000 support range and purchases do not increase, Bitcoin may see its current low support. This is the strongest support for Bitcoin and covers the range of $ 30,000.
But if the price can recover and push itself back above the $ 39,600 range, we can expect more growth for Bitcoin. Of course, the 20-day moving average should also go up.
In general, to consider the bitcoin trend to be upward, the price must reach above $ 45,000.
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Today's market cap is about $ 1.65 trillion, which is a few percent less than previous days. The trading volume of the last 24 hours was about 108 billion dollars. Bitcoin dominance in the digital currency market is about 42.2%.
Today's Fear and Greed Index of the cryptocurrency market stands at 20, which is in the Extreme Fear range. Last week, with the fall of Bitcoin , this index also increased from the range of 50 to 20.
By drawing the Fibonacci tool on the previous wave of Bitcoin , we can determine the Fibonacci support points on the current wave. Bitcoin has already broken the 61.8% Fibonacci level. If the downturn continues, the 78.6% Fibonacci level could be the following support for Bitcoin .
The 78.6% level in Fibonacci is a strong technical level and may stop the fall. So the next bitcoin support is in the 78.6% Fibonacci range. If bitcoin stops at this level, the high levels will be considered as resistance areas in bitcoin .
If the current price does not recover and does not reach the level of 78.6%, the level of 61.8% will appear as support for Bitcoin , and for further growth of Bitcoin , it will have to make short-term floorings at this level.