BITCOIN - Will The Price Return?

❌ Bitcoin is currently trading in the range of 39,500, which is a slight recovery from yesterday. Yesterday, its price fell to the range of $ 38,400 (about 2%).


Today, Bitcoin's dominance in the digital currency market is about 42.2%, and the Total Market Cap, which is 1.4% higher than yesterday, is about 1.77 trillion dollars. The trading volume of the last 24 hours has also decreased significantly and is estimated at $ 54 billion.


Among the Altcoins, the Chiliz rose more than 20% yesterday, and the Monero and Convex Finance were the bullish currencies. Other altcoins have not been recovered yet.

The Fear and Greed Index of digital currencies today, like yesterday, shows 22 and is still in the Extreme Fear range.


✅ Well, let's look at Bitcoin in the 4H timeframe

Bitcoin's current candlestick is close to the uptrend line, and one of the possible scenarios for price recovery could be the same as the uptrend line. But will the price return from this point, or will the uptrend line be broken?

Although the $ 40,000 support for Bitcoin has been lost in recent days, the uptrend at this point is a good sign for market investors. If the price maintains its current bullish reaction to this trend line and re-enters the $ 40,000 range, we can expect Bitcoin to grow again in this range by stabilizing above $ 40,000.

But if the Bitcoin uptrend breaks and stabilizes below the trend line, it is possible to accelerate the downtrend again. In that case, the next price target for Bitcoin would probably be $ 36,000.

Comment:

✅ Bitcoin has reached its support levels on a daily timeframe, and I still expect to return from this area in the coming days. The $ 37,000 area is the most important Bitcoin support area in the range, and we still do not expect this support to break in this wave. I suggest friends who work in Spot to re-enter at these prices.