Can Bitcoin retest $35,000 before the decline continues?
|Bears are giving no chance for even a short-term bounce back. Respectively, all the top 10 coins remain in the red zone.
Top coins by CoinMarketCap
Due to the ongoing bearish influence, the dominance rate of Bitcoin (BTC) keeps rising and now is 45 percent.
BTC market share
BTC/USD
Bitcoin (BTC) could not fix above $35,000, having confirmed the bearish scenario. Its price has gone down by almost 6 percent over the last day.
BTC/USD chart by TradingView
On the hourly chart, Bitcoin (BTC) might show a short-term bounce. The trading volume tends to increase, which means that there is a high chances of an uptick to the resistance around $35,000 where most of liquidity is focused. Also, there is an unfilled gap located in that zone.
BTC/USD chart by TradingView
On the higher time-frame charts, Bitcoin (BTC) is oversold. However, the bearish trend might not have finished. In this case, there is a high possibility to see a test of the formed mirror level at $34,700, followed by the ongoing decline.
BTC/USD chart by TradingView
On the weekly time frame, the situation is bearish as buyers could not gain footing above the $40,000. At the moment, Bitcoin (BTC) is in the accumulation phase.
If sellers break the $32,000 mark and fix below it, the next level where bulls may seize the opportunity is $23,700.
Bitcoin is trading at $39,970 at press time.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.