• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Bitcoin Above $37K; Here’s What To Expect Next

anushsamal by anushsamal
4 months ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

Bitcoin finally displayed signs of recovery as the coin was priced at $37,441 at press time. In the past week, the coin had lost about 14% of its market value. From the technical outlook in the market, it looks as though BTC has finally displayed some semblance of stability after a five-day extended sell-off period. Overall market capitalisation was at $1.73 Trillion after declining significantly in the past week. Over the last 24 hours, however, there has been an 8% increase in the overall market capitalisation. This 14% recovery in prices, as BTC was down to almost $32,800 comes after trading volume shot up before Federal Reserve’s meeting.

Bitcoin usually has a ripple effect across the broader crypto market, however, most altcoins continued their south-bound movements on their charts earlier today. In the last couple of days, certain altcoins had depreciated severely. Solana, Polygon and Cardano, out of the major altcoins dipped more than 30% in the last few days. Out of the top gainers today, Solana, Polkadot and Cardano have registered appreciation at press time. The previous week’s price action had coincided with a weakening of the stock market as the U.S mentioned plans of tightening the overall monetary policies.

Bearish Pressure Still Dominant

Bitcoin was trading hands at $37,441 at the time of writing, it gained nearly 8% over the last day. The price action of BTC could still remain choppy as the technical outlook suggested. Although the technical indicators captured signs of prices recovering, it wasn’t enough to conclude that Bitcoin was bullish.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

A look at the latest BTC price action | Source: BTCUSD on TradingView.com

Short term price support levels for the coin stood at $35,000, $33,000 and then at $32,000. The immediate price roof for BTC was $40,754.73. From the above chart, BTC seems to have witnessed tight resistance at the $40k mark. If prices remain stable over the upcoming trading sessions, BTC might continue to remain sandwiched between the $37,000 and $40,000 price levels respectively. A fall from the current price level would push BTC to $35k briefly and then finally back to $32k.

Related Reading | Bitcoin NUPL Metric Signals Start Of Early Bear Period

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The Relative Strength Index depicted positive sentiments as the indicator was parked just slightly above the 50-mark. This reading signified that buyers resurged into the market at press time. On Balance Volume (OBV) was still weak despite an uptick.

A rise in OBV usually depicts the crowd sentiment, the indicator displayed an increase in buying strength however, OBV was still weak. Awesome Oscillator similarly flashed green signal bars but the bars were still underneath the zero-line. This reaffirmed the presence of bears in the market.

Why Did The Crypto Market Turn Bearish

The price crash in the crypto market comes in the backdrop of the stock market weakening. S&P500 has lost 10.5% too. Additionally, the fear has built up owing to an increase in interest rates. Post the meeting this week, Federal Reserve might hint at the same and disclose their plans on hiking the interest rates.

Related Reading | Bitcoin Targets $40K? Why Crypto Could See General Price Reversion

Due to a fall in S&P500, there has been a decline in other asset classes too such as equities. Combined with all these factors, the cryptocurrency market also sensed the panic and fear which caused the sell-off in the market. At the current moment, the fear index stood at 12 which signified extreme fear.

Featured image from iStockPhoto, Charts from TradingView.com

Tags: btcMATICprice analysisSol
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
anushsamal

anushsamal

Related Posts

Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up

Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up

3 hours ago
Bitcoin and Ethereum

Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover

5 hours ago
Time For Autopsy? Bitcoin May Plunge Further After Dive Below $30k

Time For Autopsy? Bitcoin May Plunge Further After Dive Below $30k

8 hours ago
Bitcoin

Funding Rates Fall To Yearly Lows Following Bitcoin’s Fall Below $29,000

23 hours ago
Bitcoin Whales

Bitcoin Bearish Signal: Whales Ramp Up Dumping

1 day ago
China flag waving on cold weather

New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Can Gnox (GNOX) become a crypto giant like Cardano (ADA)?

May 19, 2022

Terra (LUNA) and Binance (BNB) Experienced a Terrible Week While Presale Crypto Chronoly (CRNO) Is Flying High

May 19, 2022

3 Years, 6 Lamborghinis: FreeBitco.in’s “Biggest Giveaway in Crypto” Continues Its Legacy

May 19, 2022

SFUND To Be Listed On The Leading Global Crypto Exchange Huobi Global

May 19, 2022

Diversify your crypto portfolio with Pac-Man Frog (PAC), Monero (XMR), and Aave (AAVE)

May 19, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.