- Bitcoin price analysis shows stagnation theme as BTC hovers near $33K
- BTC/USD pair has passed a relatively muted week with zero breakout patterns
- Bitcoin price remains jittery as the bulls and bears await clear breakout signs
- Any relief rally will have to cross the crucial $35k resistance zone
Bitcoin price is undergoing stagnation after the relief rally has fizzled out near the $33,300 region. The classic bear market scenario unfolds where bears are always ready to sell any bounce back from the previous day’s high. The rising bulls are not creating long positions as the selling pressure near a crucial resistance at $35k is in play.
The current price action is becoming an extended accumulation phase where the bears won’t have the last laugh. As per Bitcoin price analysis, the longer the pair remains near the critical support region, the better the bottom formation will help the bulls bounce back stronger. The next leg of the rally will be formed close to the $30,000 region.
Additionally, JPMorgan has said that the medium-term outlook of BTC/USD remains neutral, with the pair expected to remain between $23K to $35K zone. The reason behind this neutral outlook is the outflow from the BTC market and the declining interest from institutional investors. It remains to be seen how the BTC emerges from the weekend and how the next week pans out in weak buying interest.
Bitcoin price movement in the last 24 hours: Emerging from the bearish shadows
Bitcoin price analysis shows that the pair is undergoing sideways movement in the past 24 hours. The BTC/USD pair moves within a tight range of $33,300 to $30,800 with average volume data. The savvy investors are probably waiting for the dust to settle down and will participate only once the pair shows apparent movement in either direction.
Bitcoin has rebounded from $30,000 support again, but the bounce-back has been built on shaky ground. The price action is strictly sideways, and the pair cannot cross the Bollinger Bands’ middle range. The crucial resistance holding the pair back remains at $35,788, representing the 20-day exponential moving average.
The downward sloping price channel is not getting any boost from the buyer’s side as the pair slides towards crucial support at $32,700. The technical indicators are a mix of neutral and bearish readings.
BTC/USD 4-hour chart: Another slide in the works?
Most of the technical indicators are displaying a mix of negative signals. The RSI reading at 47 signifies more sideways trading shortly. The sellers will likely attempt another leg down once the pair reaches $34,800 on the hourly charts. Bitcoin price analysis shows that the pair will lose critical support at $30,000 if a sharp rebound to the current recovery rally happens near the upper resistance.
In the worst-case scenario, the bears can push the pair down towards the $25,000 support zone. Most institutional positions and prominent investors are averaging near the crucial $25,000 to $22,500 region. However, it won’t be easy for the bears to push the price to such deep levels on hourly charts. Bitcoin price analysis shows that the bulls won’t lose their ground easily either. The bulls will end the accumulation phase near $33,500, where the 20-day EMA is the target.
Bitcoin price analysis conclusion: Bulls need volumes to break past $35K
The BTC/USD pair will face a critical test this week at the $35,500 level. If they cross the $35,000 level, the next vital level to watch will be $42,500. A close above $40,000 on the daily charts will signal the definitive end to the current bear rally.
The declining hashrate of BTC is another cause of worry for the bulls. The low volumes and liquidity will not support the bullish scenario in Bitcoin price analysis. For now, all eyes remain on the crucial $35,500 level where the bulls will fight it out with bears to close above this resistance.
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.