BTC witnessed a volatile last week as it traded in a range of $44,000 to $49,000, it faced strong selling pressure at the higher levels which triggered the downside rally. However, it closed the weekly candle in the green territory and formed a Doji kind of a candlestick pattern. Crypto markets started this week with negative sentiments as the top crypto assets fell by ~5-10%.
After gaining more than 60% from its July low levels, BTC seems to have started its pending contraction move as it is trading ~10% from its recent high of $52,945. Massive selling pressure is present in the range of $50K to $52K. As per the Fibonacci retracement levels drawn by connecting the July lows to the recent high, BTC is managing to sustain above its 0.382 level which is placed at $43,590.
On the higher side, the immediate hurdle is present at $46.5K, post this, the next potential sell wall is present at $48K followed by the psychological level of $50K. On the lower side, the nearest support is present at $43.8K and if this level is broken decisively, selling pressure can continue till the level of $42K followed by $40K.
After gaining more than 60% from its July low levels, BTC seems to have started its pending contraction move as it is trading ~10% from its recent high of $52,945. Massive selling pressure is present in the range of $50K to $52K. As per the Fibonacci retracement levels drawn by connecting the July lows to the recent high, BTC is managing to sustain above its 0.382 level which is placed at $43,590.
On the higher side, the immediate hurdle is present at $46.5K, post this, the next potential sell wall is present at $48K followed by the psychological level of $50K. On the lower side, the nearest support is present at $43.8K and if this level is broken decisively, selling pressure can continue till the level of $42K followed by $40K.