Bitcoin ranges in the high $30,000s—but technicals suggest there’s ‘red’ ahead

Bitcoin ranges in the high $30,000s—but technicals suggest there’s ‘red’ ahead

Bitcoin has rebounded from its January lows to trade at $30,000 as it comes under pressure from rising regulatory uncertainty, but it’s still far from its all-time high of $20,000 hit in mid-December. However, trading at this range may be enough for the cryptocurrency to get another big boost, according to technical indicators.

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Bitcoin is still in a bull market, but the cryptocurrency is near its lows and the blocksize debate is heating up once again. BTC is a fascinating creature that has taken the world by storm. Its trading is volatile and unpredictable, but the value is there – and it can’t be ignored.

Bitcoin remains in a range of $30,000+, but technicals strongly suggest there’s “red” ahead. The long-term chart for bitcoin is bullish, but how does that compare to short-term charts? The weekly chart shows a deep downtrend to $17,000, with other support at $18,000 and a ceiling at $25,000. The weekly chart has a strong bullish bias, and the weekly close above its 200-week moving average (currently $21,000) could be bullish confirmation.

Bitcoin is hovering around $30,000, but technicals point to a red zone ahead. Earn up to 12% annual returns on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins, etc. Beginning of importance Edge ‘ Bitcoin ‘ Analysis Bitcoin has once again failed to break through resistance at $38,000 and remains stuck in the mid $30,000 range. Rohan Jethi – 14. June 2021 at 6:37 UTC – 2 min read Bitcoin ranges in the high $30,000s—but technicals suggest there’s ‘red’ ahead Bitcoin and Ethereum continue to show unclear direction, as both have failed to break through key resistance and returned to favorable price levels. However, the number of bitcoins being sold short continues to rise and has reached a record high on the Bitfinex cryptocurrency exchange, suggesting that traders are leaning towards the bearish side for now. To read the rest of the article, log in or go to Edge.

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As an independent organization in the blockchain industry, we are guided by strict editorial policies that emphasize objectivity and transparency in our reporting.The last six weeks have seen Bitcoin’s price range continue to climb, despite the fact that US authorities continue to crack down on the cryptocurrency. This week, the Bitcoin price is over $30,000, and it’s almost certain that this week’s move will see it rise to even more impressive levels.. Read more about crypto defi news and let us know what you think.

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