Bitcoin Is at Risk as Support Weakens – WORLD CRYPTO BUSINESS

Bitcoin Is at Risk as Support Weakens


Key Takeaways

Bitcoin has dropped by more than 17% over the last five days. 
The $37,500 level is the only support preventing further losses.  
BTC must hold above support to avoid a brutal crash.  

Share this article

Bitcoin has reversed to a critical support level that will determine where it is heading next. Although this demand zone appears to be weakening over time, there is one reason to remain optimistic about the top cryptocurrency.

Bitcoin at a Make-Or-Break Point

Bitcoin has shed most of the gains it made last week, raising questions over its bullish narrative.

The leading cryptocurrency has retraced by 17.24% since Mar. 2, losing more than 8,000 points in market value. The $37,500 support level now appears to be acting as a strong foothold where prices must hold to avoid a significant crash. The Fibonacci retracement indicator, measured from the low of $28,700 on May 19, 2021 to the all-time high of $69,200 on Nov. 10, 2021, suggests that breaking the interest zone at $37,500 could result in a downswing to $28,700.

Still, there is a reason to remain optimistic about Bitcoin’s growth potential. The Tom DeMark (TD) Sequential indicator is currently presenting a buy signal on Bitcoin’s 12-hour chart. The bullish formation developed as a red 9 candlestick, which is indicative of a one to four 12-hour candlestick upswing or the beginning of a new upward countdown.

A spike in buying pressure around the current price levels could help validate the optimistic outlook, preventing Bitcoin from a catastrophic correction. If buy orders increase, the asset could have the strength to rebound to $40,000 or even break through the $45,000 supply barrier to confirm the beginning of a new uptrend.

Source: TradingView

Given the importance of the $37,500 support level, a decisive close below it could indicate that Bitcoin is turning bearish.

Disclosure: At the time of writing, the author of this piece owned BTC and ETH.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

NFT Express: Your on-ramp to the world of NFTs

At Tatum, we’ve already made it super easy to create your own NFTs on multiple blockchains without having to learn Solidity or create your own smart contracts. Anyone can deploy…

As Sanctions Pile, Bitcoin Flips the Russian Ruble

Thanks to unprecedented financial sanctions from the West, Bitcoin now has a higher market capitalization than the Russian ruble. Russian Ruble Plummets Following Western Sanctions Bitcoin has flipped the Russian…

CME Group To Offer Micro Bitcoin and Ethereum Options 

The world’s largest futures and options exchange by daily volume has announced its plans to offer micro Bitcoin and micro Ethereum options starting March 28, 2022. New Options Contracts at…

Lugano Introduces Bitcoin, Tether, LVGA as Legal Tender

Citizens will be able to use Bitcoin, Tether, and LVGA to pay for taxes, goods, and services.  Lugano Announces “Plan B”  The City of Lugano is introducing Bitcoin, Tether, and…



Recommended For You

About the Author: administrator

Leave a Reply

Your email address will not be published. Required fields are marked *