After making a run toward $50k in late March, Bitcoin has fallen back below $40k and is once again testing the 100-week price average for support near $37k. Should the 100-week average fail to act as price support there is secondary support in the $30-34k range as well which stems from lows seen back in mid-2021. If bulls are unable to hold price above the $30k level then a potential re-test of the 200-week average will be in play which currently rests near the $20k level and was the price peak seen during the 2017 crypto bubble. After Bitcoin broke finally broke above the $20k level 3 years in December 2020 there was never a re-test of that $20k level for support, price just kept moving higher to $70k in early 2021 and then saw a re-test of $70k in late 2021. By late 2021 price fell back below $50k and hasn’t been able to regain that level ever since which in itself is a bearish sign.
The lower price indicators all show bearish trend and momentum behind price, with the TDI showing tightening Bollinger Bands indicating that a potential spike in volatility may be ahead. Current price trend indicates that a spike in volatility will be bearish/downside volatility.
Overall view on Bitcoin and crypto in general remains bearish in the short to intermediate-term with a likely test of $20k sometime this year for Bitcoin.
The lower price indicators all show bearish trend and momentum behind price, with the TDI showing tightening Bollinger Bands indicating that a potential spike in volatility may be ahead. Current price trend indicates that a spike in volatility will be bearish/downside volatility.
Overall view on Bitcoin and crypto in general remains bearish in the short to intermediate-term with a likely test of $20k sometime this year for Bitcoin.