BTC Bulls Battle With Bears To Prevent $36k Support Test
2022.05.02 13:52
BTC Bulls Battle With Bears To Prevent $36k Support Test
- Bitcoin (BTC) starts the week with a 2+% increase in the last 24 hours, according to the crypto market tracker, CoinMarketCap.
- The price of BTC is $38,969.30 at the time of writing, which is a 2.31% increase.
- BTC bulls make one last stitch effort to break the current trend of lower lows and lower highs.
The largest cryptocurrency by market cap, Bitcoin (BTC), starts the week with a 2+% increase in the last 24 hours, according to CoinMarketCap.
The price of BTC is $38,969.30 at the time of writing, with a 2.31% increase in the past 24-hour. Furthermore, BTC seems to be closing the margin on its 7-day performance following its price drop of 0.27% in the past week.
BTC has quite an extensive lead over the rest of the crypto market when it comes to market cap, with its market cap amounting to over $740 billion. The next highest market cap is Ethereum (ETH), with a total market cap of almost $345 billion.
Bitcoin posts lower lows and lower highs (Source: TradingView)
Looking at the daily chart for BTC/USD, the price of BTC has posted lower lows and lower highs over the last several days. The 15 EMA is also still below the 50 EMA, which indicates more selling pressure than buying pressure for BTC.
It does seem that the bulls have taken over the last 2 days as the week starts with the majority of the trading volume being buy orders. Will the bulls be able to push the price of BTC away from the next key support level of $36k and take it towards $40k once again?
It does seem that the bulls are making one last stitch effort to break out of the wedge by testing the upper bound of the wedge. Should the bulls successfully break the wedge and maintain the breakout, then we could see the price of BTC heading towards $40k. Otherwise, the price will head to $36k.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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