Experiencing a downward trajectory the Bitcoin value recently plummeted beneath the $36,000 benchmark, only to recover slightly as it stabilized at the $35,500 mark. The crypto-ground wobbled after the United States CPI suffered an unexpected dip almost knocking the wind out of the Bitcoin’s sails.
The cryptocurrency market seemed to halt its breath as Bitcoin struggled to maintain a foothold on the precipitous slope of financial charts. After a promising ascent to $37,423, Bitcoin commenced a descent, melting away support levels at $36,000 and $35,500. During this decline, the crypto was seen to stumble below the $35,000 mark.
Briefly finding respite at the $34,650 sanctuary, Bitcoin recouped some losses and clawed its way back over the $35,000 crest. This minor comeback was bolstered by securing the 23.6% Fib retracement level, measured from the swing high of $37,423 to the low of $34,666.
However, the Bitcoin skirmish is far from over. With a gnarly bearish trend line charting resistance at $36,050, the pivot role of $36,500 and the 100 hourly Simple Moving Average, can’t be overlooked. An immediate hurdle is sketched in at the $35,680 marker. If conquered, the next resistance is primed at $36,000.
Should Bitcoin successfully topple the aforementioned resistance and scale $36,780, it could encounter a thrilling acceleration. This mode might thrust it smack into the $37,000 landmark and further gains could slingshot Bitcoin towards the much-coveted $37,500. Beyond this point, the cryptocurrency behemoth may gather bullish momentum and rally towards $38,000.
Yet, if Bitcoin should falter at the $36,000 deterrent, further downhill slides are likely on the horizon. Immediate support is calculated to be at the $35,150 mark, followed by the significant $35,000 level. Descending below this could portrait more bitcoin setback, potentially spiralling down to the pivotal $34,650 support region.
Analyzing the technical indicators, the Hourly MACD presents a slowing pace in the bearish zone. Meanwhile, the Hourly RSI (Relative Strength Index) for BTC/USD is lingering below the 50 threshold. This invokes the observation of significant support levels at $35,150 and $34,650, against formidable resistance at $36,000, $36,780, and $37,000.
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