There were quite a few ups and downs in the markets this week, but Bitcoin has been unable to break the $38k level.
Since its launch in 2009, Bitcoin has gained a lot of attention, and a lot of people are really into it. In fact, there are now more than 10,000 merchants who accept the cryptocurrency. At the time of writing, Bitcoin’s market cap is nearly $38 billion, which is quite a bit of money, and it’s up from less than $1 billion just a few years ago. Although a lot of people are excited about it, the digital currency is still pretty volatile, as we saw last week.
Bitcoin, the world’s biggest cryptocurrency, has lost about $38,000 in value over the past 24 hours as it attempts to rebound from a big drop. Bitcoin fell about $200 in value to $4,637 in early trading today, according to CoinDesk. It traded at $4,732 in the same time yesterday. The digital currency has fallen about 50% since its all-time high of $17,000 in mid-December. Bitcoin is the world’s largest cryptocurrency, but it is still not considered an official currency by the US government.. Read more about why crypto market is down today 2021 and let us know what you think.
As the market cools down after last week’s surge, Bitcoin has been consolidating below $40k for the third day this week.
Following last week’s rise, the cryptocurrency market has continued to consolidate. Bitcoin failed to break over the $40,000 barrier once again, falling below the $39,000 mark. Bitcoin and Dogecoin are the two major cryptocurrencies that have lost value in the last 24 hours.
Yesterday, the price of Bitcoin fell below the $39,200 and $39,000 support levels. Bitcoin even fell below $38,500, putting it in a negative zone. BTC is now trading significantly below the 4-hour 100 simple moving average.
BTC has established a bottom around $37,660, and it is now trying an upward corrective. Bitcoin is expected to rise slowly in the next weeks, according to analysts.
The best case would be a natural and organic grind for #Bitcoin upwards, in which previous resistances get tested for support, before continuation.
Similar to September – November last year.
Another vertical run on #Bitcoin is not what I expect, yet.
— Michaël van de Poppe (@CryptoMichNL) August 3, 2021
BTC Price Predictions
The 4-hour chart of BTC/USD remains negative. BTC is now trading below $38,000, and if it fails to break through the $38,800 and $40,000 resistance levels, it may continue to fall in the coming hours.
Although the first support around $38,000 has been broken, the bulls are defending the first major support zone near $37,800. A break below this support level on the downside may lead to more losses, with the next major support level around $37,000.
4-hour chart of BTC/USD. Source: Coinalyze
If Bitcoin manages to break over the negative trend line and reach the $38,200 barrier level, it may encounter new opposition around the $38,800 mark. However, given the market’s negative attitude, a significant rebound would be required to clear the key resistance level around the $40,000 zone.
In the last several months, Bitcoin has battled to keep its price over $40,000. Any rise over the 50% Fib retracement level of $42,630, however, may position BTC for additional gains in the following days and weeks.
Bitcoin is at it’s lowest value since the beginning of the year, and it seems to be unable to sustain itself above $38k. The main reason for this fall is the SEC’s announcement of the date of the Bitcoin ETF decision.. Read more about will crypto recover and let us know what you think.
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- crypto news today
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