• 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
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
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

Bitcoin Slows Plunge Below $40K, What’s The Best Point For A Pullback?

Reynaldo Marquez by Reynaldo Marquez
4 months ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Bitcoin continues to trend lower over the weekend and seems at risk of re-testing previous lows. The first crypto by market cap was rejected at mid-area north of $40,000 and was unable to muster the momentum to hold those levels.

Related Reading | Did Top Three Bitcoin Addresses Just Call Another Local Bottom?

As of press time, Bitcoin trades at $39,921 with a 1.2% and 5.2% loss in the last day and 7 days, respectively.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
Bitcoin BTC BTCUSD
BTC trends to the downside on the daily chart. Source: BTCUSD Tradingview

Yuya Hasegawa, analyst for Bitbank, attributes BTC’s price recent price action to the Russia-Ukraine situation. In that sense, the analyst expects potential relief as the U.S. Secretary of State Antony Blinken and the Russian Minister of Foreign Affairs Sergey Lavrov scheduled a phone call for next week.

This could tone down the tensions around the situation at the border. On top of that, the analyst claims Bitcoin is sitting at “ample technical support” which could protect its price from further downside.

However, is a long weekend in the U.S. which usually leads to potential periods of high volatility driven by low trading volumes across the crypto market. Hasegawa said talking about BTC’s price immediate and medium-term potential headwinds:

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

We still have the January U.S. PCE, February jobs report, and CPI until the March FOMC meeting, so it is safe to say that, depending especially on these inflation data, the worst may be still ahead of us, and even if the price rebounds from the current level in the short term, upside is likely quite limited unless the Russian military shows some signs of retreating.

The macro-situation seems to occupy everyone’s attention. A separate analyst from Material Indicators (MI) claims the Russia-Ukraine situation could see an outcome after the Winter Olympics in Beijing. These events have been linked to similar crises in the past, such as the invasion of Crimea which took place in 2014 during the Olympics hosted by Russia.

Bitcoin To See Short Squeeze Over Long Weekend?

Further data provided by Material Indicators claims BTC could have entered a distribution phase. Recommending traders to “avoid knife catching”, especially during periods of low volume, MI presented their Trend Precognition indicator which flashed a bearish arrow on the daily chart as BTC’s price trend below $40,000.

Bitcoin BTC BTCUSD
Material Indicator’s Trend Precognition Indicator flashed a bearish signal on the daily chart. Source: Material Indicators via Twitter

This could suggest the benchmark crypto might re-test its lows which could find good support, as MI claimed, “in areas of prior consolidation”. The levels between $35,000 to $38,000 were relevant during BTC’s price previous sell-off and could operate as support.

However, MI noted that there are “Liquidity gaps”, levels on the order book with low bids or asks orders, on both sides of the BTC/USDT trading pair. Thus, Bitcoin could see a short squeeze to the upside or downside.

Related Reading | Comparing Apple’s Growth With Bitcoin, Why This Expert Sets $700K As Long-Term Goal

Currently, there are around $10 million in bid order around $39,500. Therefore, there seems to be strong support for BTC at that level which could favor the bulls, at least in the short term.

Bitcoin BTC BTCUSD
BTC’s price (blue line on the chart) with potential support on $39,500 due to concentration of bid orders (levels below the price). Source Material Indicators
Tags: bitcoinbtcbtcusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Reynaldo Marquez

Reynaldo Marquez

Related Posts

Bitcoin

First In History: Bitcoin Mayer Multiple Records Lower Value Than Last Cycle’s Low

8 hours ago
crypto

Crypto Liquidations Settle As Bitcoin Recovers Above $21,000

10 hours ago
Bitcoin

Why Pain May Not Be Over For Bitcoin Holders Just Yet

1 day ago
Bitcoin

Bitcoin Regains Some Luster With 15% Rally To $21,700 – Can It Maintain The Shine?

2 days ago
Bitcoin

Bitcoin Coinbase Premium Gap Approaches Zero, Selloff Ending?

2 days ago
bitcoin

Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Have These Coins Cardano (ADA), Solana (SOL), and FIREPIN Token (FRPN) Become The Pillars Of The Crypto Space?

June 27, 2022

Torches Finance, The Top Lending Protocol has Launched on KCC, Genesis NFT Free Mint is Coming Soon

June 27, 2022

DogeSQ Token Presale Will Live on 28th June, 2022. 6:00 AM UTC

June 27, 2022

XT.com Lists Tales of Xtalnia (XTAL) With USDT Trading Pair

June 27, 2022

Find Out How Gnox (GNOX) Is Planning To Take On Fantom (FTM) And Avalanche (AVAX)

June 27, 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

© 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.