While multiple factors including external and internal are impacting the Bitcoin price rally to a large extent. The asset is further displaying the probability to maintain a significant downtrend. As more catalysts are currently fueling the BTC price plunge which may also nullify the buying pressure if accumulates.
A significant upward move within the crypto space is witnessed as the interim ceasefire in Ukraine is announced. The asset trends within a very narrow range to begin the weekly trade on a notable on a recovery mode. No doubt the star crypto prevented from going too low and flipped. Yet it still needs to reach out to the heavy liquidity area in between $37K to $36K. And this is when one can expect a notable bullish momentum.
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Despite the interim plunge yet the fear of plunging hard has not yet been eliminated from the BTC price.
Bitcoin still finds itself within pivotal levels and hence a major upswing is much required at the moment. The current price is much below the 100-day and 50-day MA levels which is around $44,000 and $40,000 resp. Once these levels are secured then the 200-day levels very close to $50,000 may be tested. However, as said by the analyst, if in case, the BTC price fails to surpass the 50-day and 100-day MA levels, the asset may crash to the lowermost levels.
However, no particular lower levels are been framed at the present time, yet as per multiple predictions, $32,000 to $30,000 are the lower levels to test. Yet in case the asset revisits the levels below $30,000, the Bitcoin (BTC) price may become dead or enter into a slow consolidation phase for a long time. Only if the asset fails to rebound, the BTC price could visit lower lows else with building confidence amid the Russia-Ukraine conflict is a positive development for the crypto space.
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