Bitcoin Slides Below $36,500 Amid Leadership Shakeup

0
23

Bitcoin’s value experienced a downward shift, slipping over 4% beneath the crucial $36,500 support level. Despite this setback, the premier digital currency is anchoring its position around the $35,650 support zone, with market sentiment indicating that any further dips might entice investors to buy in.

The virtual currency encountered a decline set in motion by news of Binance’s settlement coupled with the surprising news of Changpeng Zhao, often known as CZ, stepping down from his role. The price movement dipped below the anticipated $37,000 mark as well as the 100 hourly Simple Moving Average, signaling a bearish phase.

Particularly noteworthy was the rupture of a significant bullish trend line that was previously providing support around the $36,980 region on the hourly chart of the BTC/USD pair, with data acquired from Kraken. Facing immediate resistance, the pair may struggle to regain momentum in the short term, yet the drops could present attractive entry points for optimistic investors.

The sell-off brought Bitcoin down past several key price points, eventually leading to a spiked drop below $36,000. This created a low at around $35,645, beyond which the cryptocurrency has made some effort to consolidate its losses, managing a slight recovery above the 23.6% Fib retracement level of its recent descent.

Now trading beneath the $37,000 threshold and shy of the 100 hourly Simple Moving Average, Bitcoin is confronting barriers. Should it surpass the immediate resistance at $36,500, it faces a more substantial hurdle near $36,700, coinciding with the 50% Fib retracement level.

An ascent above the $36,700 resistance could catalyze a modest rally. The path forward includes potential resistance at $37,000, and should Bitcoin eclipse this, it might aim for the $37,500 boundary, with possibilities to even graze the $37,800 mark.

Conversely, should Bitcoin falter and fail to climb the $36,700 resistance, it may succumb to another downward trajectory. Bitcoin finds its immediate cushion at $36,000, with a more significant safety net at $35,650. A breach below this critical support exposes Bitcoin to heightened risk of extended losses, potentially dragging the value towards the $34,700 domain, with the next substantial floor hovering around $34,200.

Current technical indicators reveal that the Hourly MACD is decelerating within the bearish zone, while the Hourly RSI (Relative Strength Index) has sunk below the midpoint of 50. Key levels to watch include major support at $36,000 and $35,650 and notable resistance levels stand at $36,500, $36,700, and $37,000.

LEAVE A REPLY

Please enter your comment!
Please enter your name here