BTC Price Follows Downtrend; Bearish or Bullish in Future?
2022.04.25 14:06
BTC Price Follows Downtrend; Bearish or Bullish in Future?
- BTC now signals red with a price registered at $38,477.53.
- The price of BTC might plunge if it breaks its ascending support line.
- This ascending support line has been marked since January 2022.
The global crypto market is now trading low with many cryptocurrencies tumbling with notable variation and some others with a slight variation. Bitcoin (BTC) is now trading at a price of $38,477.53, with a 3.29% plunge in the past 24 hours. This is another decline following its failure to rea ch the $40,000 resistance zone. Specifically, coins like ETH (-4.73%), BNB (-4.98%), SOL (-6.65%), XRP (-8.11%) have also shown red signals in the past 24 hours.
However, since January 2022, BTC has been riding over an ascending support line. If it breaks this level, the price of BTC might plummet. Also, BTC is following a downward trend after a hike of $42,963 on April 21, 2022. It would add to a bearish momentum if its price again goes down below the current price.
BTC/USDT 1- day chart (source: TradingView)
In the last month, the BTC price has been climbing on an upward trend from March 22 to March 28, 2022. Contrastingly, the price value went down after this spiking stage.
In short, if the BTC price fails to meet its $40,000 resistance zone, it could move down very steeply. But, if it meets an immediate support level of $39,000, there would be an expected surge for BTC. Moreso, if the coin breaks its major support of $36,000, the price will likely decline to the $30,000 demand zone.
To add, if the Relative Strength Index indicator (RSI) breaks the descending trendline, BTC will soar above the current price value.
In contrast to the expected bearish stage for BTC, a Twitter (NYSE:TWTR) post by BTCfuel remarked that there is a possibility for the coin to immediately lead to a mega pump. The post stated that BTC had moved through this similar trend in 2015, which then geared up in the following days.
#Bitcoin has a similar setup as during the 2015 Bitcoin bear market
There is a possibility that it loses this diagonal support. However this should immediately lead to a MEGAPUMP FOR #BITCOIN pic.twitter.com/1ylgf6UfMu
— BTCfuel (@BTCfuel) April 23, 2022
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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