BTC Price Hovers Near $38,000; Hold Or Exit?

BTC price entertains with no fresh impetus as continues to defend the familiar price range. The price has been in an extended downward trend that was set in April but in the fresh trading series, it seems to be underpinned near $38,000. However, investors must imply a cautious approach before placing aggressive bids as the downside risk remains intact.

• Bitcoin price religiously follows the bottom formation of around $38,000.
• Expect some bounce back to the descending trend line before turning down once again.
• A daily candlestick below $37,000 could invalidate the upside-run arguments for the asset.

BTC price respect the long-time support zone

BTC’s price remains sidelined for the past few sessions as it slides below $40,000 on April 26. Although, the price already started the decline after tagging the swing highs near $48,000. BTC retreated and recorded a loss of 45%. However, since April 25, BTC sellers look exhausted as the price trades sideways in a very tight range.

In addition to that, the descending trend line from the swing high acts as the upside barrier for the BTC buyers. The bulls attempted to breach it on April 21 but failed to do so. Thus, a bounce back to the bearish slopping line at $40,000 is expected. An acceptance above with strong volumes would offer $42,000 on the table.

On the flip side, a daily close below the session’s low would invalidate the bullish theory for the price. In that case, the downside would be found at $36,000.

As of publication time, BTC/ USD is trading at $39,874, up 5.63% for the day. The pioneer cryptocurrency by the market cap is containing a 24-hour trading volume of $35,528,442,016 according to CoinMarketCap.

Technical indicator

RSI: The relative strength index pierced sharply above the average line while reading still below 50. An upward movement in the oscillator would strengthen the bullish bias.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.