Bitcoin price analysis: BTC sinks below $32k as bulls take cover

Bitcoin price analysis BTC sinks below k as bulls take cover

TL;DR Breakdown

  • Today, Bitcoin price analysis suggests that Bitcoin price has fallen after a consolidation attempt near $34k
  • Bitcoin may move to $40k provided lower support holds near $32,745
  • New York Giants running back Saquon Barkley has recently put all of his advertisement money into Bitcoin.
Bitcoin price analysis: BTC sinks below $32k as bulls take cover 1
Cryptocurrency heat map by Coin360

Bitcoin sees higher volatility moving forward into the day as the price declines below the $31,800 support region. The volume of Bitcoin increased by more than 1.9 percent today, which has made the price slide south as per Bitcoin price analysis. This could indicate another Bitcoin downswing towards $30k if the current decline rate stays as such.

Saquon Barkley, who was named the NFL’s top rookie of the year for 2018, has agreed to convert all his endorsement money into Bitcoin. As a new Grayscale sponsor, he will deposit his endorsement money into the Strike wallet and instantly convert it to BTC. The news can serve as a positive catalyst for the BTC in the short-term as per Bitcoin price analysis.

Bitcoin price movement in the last 24 hours: Decline to $30k has finally begun

Today, the price of Bitcoin dropped from $33,100 to $31,118 lows. The bulls failed to make it go back up as per Bitcoin price analysis. Subsequently, the bears want to make it go down below $30k fast to initiate extreme selling.

Bitcoin bulls seem to finally be caving on the consensus about transactions rates and costs by Tesla CEO Elon Musk over the past few days. He said that the way Bitcoin and Ethereum operate slowly, which in turn wastes a lot of money to send transactions.

At the time of writing, BTC’s price teeters around $31,290 after sliding below a critical support level at $32,000. Bitcoin price has been stuck between $32,700 and $35,600 for the last week.

BTC/USD 4-hour chart: $30k support holds for now

Bitcoin price analysis: BTC sinks below $32k as bulls take cover 2
Bitcoin price chart by TradingView

The Bitcoin price 4-hour chart shows consolidation near the $32,000 level where the 50-day and the 100-day Simple Moving Averages (SMA) intersect. The ‘death cross’ pattern triggered by the bulls running into this resistance caused them to lose strength, and Bitcoin price started its downward trajectory. When a short-term SMA crosses below a longer-term SMA, the price action is termed as death crossover.

BTC’s price has been falling since last month when the 50-day SMA crossed below the 100-day SMA. This has seen the bellwether cryptocurrency lose 7.6 percent of its value from its high of around $3,4600 on July 12 to current levels below $32,000.

Despite the downward slope on the 50-day SMA, it may guard any attempts to push the price up. As such, recent bearish runs might continue in the near time. The Relative Strength Index (RSI) is currently at 33.40, close to the oversold region.

The MACD is flashing a neutral signal. It is below the signal line, and that makes it even worse. You may notice that an extended drop will lead the Bitcoin price towards its June 26 low of $30,000. Therefore, the BTC/USD pair is struggling to move past the $35,000 resistance level.

Bitcoin price analysis conclusion: Bulls have to make a comeback soon

The weekly technical chart of bitcoin shows a weak bearish momentum for the price per Bitcoin price analysis. Bitcoin hasn’t done much to change in the last few days; it remains to consolidate just below $37,000.

BTC’s price has been trading below the 50 and 100 Daily Moving Average, with a negative crossover in the past according to Bitcoin price analysis. The 50-day moving average is near $35,457, and the price hasn’t crossed this level for the past seven days. The price may soon be above the 50 and 100-day moving average, provided there are enough volumes. The price resistance zone is near $40,000.

Meanwhile, the primary support region for the coin price can be found near $30,000. Bitcoin price analysis shows that BTC’s bullishness has come to an end for now. If it crosses the temporary hostile region of 37k, then a price uptrend can be seen up to 45k level.

Bitcoin price is currently remaining at the same level as before, but it can rapidly change to positive momentum. The news of Saquon Barkley is encouraging the price to move out of the consolidation zone and up in value.

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.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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