- BTC/USD picks up bids from $35,576, manages to stay above 21-day SMA.
- Bearish MACD, one-week-old faling trend line challenge buyers.
- Monthly low, key Fibonacci retracement levels add to downside filters.
BTC/USD bounces off intraday low of $35,576 to tease the $36,000 threshold, currently around $35,860, during early Monday. The crypto major dropped to the lowest since January 13 the previous day but failed to provide a daily closing below 21-day SMA.
As a result, the following corrective pullback probes BTC/USD sellers for the first time in four days even as bearish MACD and short-term resistance line test the quote’s upside momentum.
That said, $37,980 and the $38,000 round-figure can offer immediate resistance to BTC/USD ahead of highlighting a downward sloping trend line from January 10, 2021, at $38,665 now.
In a case where the BTC/USD bulls manage to cross the $38,665 level, the $40,000 psychological magnet and the recently marked record top near $42,000 should return to the charts.
Meanwhile, a downside break of 21-day SMA, currently around $34,590, can direct short-term sellers toward the monthly low of $30,209 and then to the $30,000 threshold.
However, any further downside below $30,000 will make BTC/USD vulnerable enough to revisit the 50% and 61.8% Fibonacci retracement level of December-January upside, respectively around $29,700 and $26.830.
BTC/USD daily chart
Trend: Pullback expected
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.