As you can see in this image, overnight, Bitcoin broke support of this trendline that has been working as both support and resistance since the FTX event in November 2022.
To remain bullish, we need to stay above this trendline. If we get rejected at resistance, we can expect further downward movement with the next level of support around $38,000.
If Bitcoin breaks below $38,000 we can expect further downward movement to $32,000 and then $24,000 levels.
In this market volume and liquidity are kings and so far both have been less than ideal.
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To remain bullish, we need to stay above this trendline. If we get rejected at resistance, we can expect further downward movement with the next level of support around $38,000.
If Bitcoin breaks below $38,000 we can expect further downward movement to $32,000 and then $24,000 levels.
In this market volume and liquidity are kings and so far both have been less than ideal.
Want to trade Bitcoin, Ethereum, and many other pairs with up to 225 leverage, low fees, and no KYC? Join BTCC and try the first crypto derivatives exchange in the market founded in 2011!
There's still extreme resistance on the way.
Since 2013 Bitcoin remained BELOW this trendline only twice - between 2014/2016 and now.