Bitcoin price must now maintain this critical level to regain $40K

Bitcoin (Bitcoin) The price fell back on May 25, erasing a small part of the increase in the previous day’s transaction, and the transaction was a day’s volatility.

After the opening price of the Asia-Pacific market was $38,856, the BTC/USD exchange rate fell to 6.11%. The currency pair encountered strong resistance near its 200-day simple moving average (20-day simple moving average), prompting most traders to make a profit on the day.

As a result, the buying price of BTC/USD began to fall when it entered London’s early trading, and finally found a support level that helped limit the market’s bearish trend in the price crash last week.

Bitcoin is trying to establish support at $37,000. Source: TradingView

The pseudonymous cryptocurrency trader Rekt Capital referred to the black horizontal line (approximately $37,000) in the above table as the “critical retest” level, pointing out its importance in determining Bitcoin’s short-term market bias.

The analyst placed a blue arrow above the support level pointing to the north, indicating that he expects BTC/USD to rebound in the next trading day.

“In the short term, Bitcoin will convert $37,000 into support,” Tweet Rekt Capital. “But given that yesterday’s daily closing price is still on track to follow the blue line, it may be necessary to test the area again.”

The statement came about because Bitcoin continued its see-saw trend, recording a sudden intraday reversal of a high percentage of margin.Volatile price movements reflect the lack of obvious directional bias among traders, especially when analysts weigh the equally convincing bearish and Bullish catalyst Confront each other.

Will Bitcoin crash further?different idea

Victor Dergunov, the founder of Albright Investment Group, admitted that he bought Bitcoin at a price drop and added that he hopes that the cryptocurrency will reach at least the $40,000-$42,000 zone in the short term.

Dergunov said: “There is currently a large inflow of funds reaching about $30,000, which is what we hope to see at the center of the correction process.” explained In his notes.

“Next, we saw an attempt to retest, the price was about $31K, but the volume was significantly lower than the initial decline.”

Countering Dergunov’s optimistic view is the portfolio management and analysis company Income Generator. It said that the Bitcoin market is likely to face “The worst crypto winter“In its twelve-year life cycle, the U.S. dollar’s ​​bullish response to rising inflation figures is justified, which may weaken investors’ appetite for this cryptocurrency.

The income generator said in a report: “It now appears that the rise in inflation may actually go in the opposite direction and bring re-emerging buying activity back to the U.S. dollar.”

Meanwhile, Mike McGlone, senior commodity strategist at Bloomberg Intelligence Reiterate his Bullish stance On Bitcoin, he pointed out that due to the prospect of a decline in the supply rate, he still believes that the BTC/USD exchange rate will reach $100,000.

He said: “Bitcoin is backed up because it supports the expanding bull market and the road to $100,000.”

“The weather in April was a bit hot, and this is a major factor cited in the amendment to encryption technology-excessive energy use-represents the power of the world’s largest decentralized network, and it is getting greener.”

Magron cited Elon Musk’s proposal for “being greener” to establish a mining committee in North America that can track and subsidize Bitcoin’s carbon emissions.

The CEO of Tesla is Instrumental In the past few weeks, the price of Bitcoin has fallen from $59,000 to $30,000.He criticized cryptocurrency for cryptocurrency Potential environmental impact And stopped accepting it as a payment for Tesla electric cars.