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Bitcoin Price Analysis: BTC plunges to $33,000 again as more sell-off looms

Bitcoin Price Analysis

TL;DR Breakdown

  • Bitcoin price analysis highlights the coins correction that saw it fall from $36,000 to $33,000.
  • Renowned crypto analyst, NebraskanGooner, says Bitcoin’s bear trend has just started.
  • Bitcoin bulls are struggling to gather enough momentum to turn Bitcoin’s fortunes after the May crash.

At the time of writing, Bitcoin price movement appears to be falling out of favor once again after suffering a significant price correction. At the moment, the bulls appear to be losing the battle to the bears. Earlier today, Bitcoin registered a 5 percent price decline on the day to trade below $33,500.

Bitcoin Price Analysis: General price overview

Bitcoin’s price action has finally left the ambivalence state of affairs as bears officially take over control of the crypto coin amidst the Asian trading session on Tuesday. Going by the coin’s price movement in the past week, Bitcoin has depreciated from $36,500 in the wake of last week’s plunge from $39,000. From the look of things, the number one cryptocurrency appears to have plummeted further from its crucial extension level of $38,000 to $35,000. At present, Bitcoin price seems to be poised to retest the $30,000 price range once more.

Looking at Bitcoin from a technical price perspective, market participants need to be on the lookout for the 45-minute time frame as it is emerging as the most significant time frame in the meantime. This is because this time frame tends to harbor bullish signals before other time frames. At present, Bitcoin price has sliced downwards from its 50-day Simple Moving Average, indicating a significant price retracement is in the offing.

Bitcoin price movement in the past 24 hours

Bitcoin Price Analysis: BTC plunges to $33,000 again as more sell-off looms 1
Source: TradingView

According to Bitcoin’s 24-hour price chart, the crypto’s uptick price movement has been limited under a junction barrier formed by the 50 and 100 Simple Moving Average. As hopes for a major recovery degenerate, sellers and bears appear to be taking advantage, pushing for further price declines. At the time of writing, Bitcoin seems to be struggling to settle above the $32,000 price region. At present, the crypto coin is exchanging hands at around $32,840, painting a highly bearish pattern based on the near-term technical indicators.

According to a prominent crypto pundit, NebraskanGooner, the number one crypto asset, is in the middle of a bearish leg. Although the Bitcoin plunge from its $65,000 record high to $30,000 was nerve-shattering, the crypto coin is set to fly high again once it is done with the ongoing bearish season.

Bitcoin 4-hour chart

Bitcoin Price Analysis: BTC plunges to $33,000 again as more sell-off looms 2
Source: TradingView

According to the 4-hour chart, Bitcoin appears to be forming a symmetrical triangle pattern. If this bullish narrative matures, the king crypto will be well-placed for a significant breakout. However, if the $32,000 support level fails to sustain, Bitcoin will likely experience a 30 percent price decline from the triangular pattern, sending it towards the $23,500 price region.

Other indicators painting a bearish picture is the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) on the 4-hour chart. Both technical indicators are flashing bearish signals that are likely to attract more selling in the market.

Conclusion

In a recent interview, former President Donald Trump shared his thoughts about Bitcoin and cryptocurrency. Apart from divulging that he has not invested in stocks since he left office, Trump discussed Bitcoin. According to the former President, Bitcoin is a scam and should be treated as such. Additionally, he divulged that he does not prefer any other currency competing with the US dollar.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Robert Githinji

Robert Githinji

Robert is a crypto and blockchain pundit with a vast experience in deciphering crypto charts and deriving ideas. He has made the rounds of major crypto news outlets and joins the upbeat at Cryptopolitan team. Apart from dabbling with cryptomarket trends, he is an avid footballer and a coffee lover.

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