Yesterday’s red candles in Bitcoin brought negative activity to the market. Bitcoin, which fell from $ 30,300 to $ 29,000, worried the crypto community. So, at what levels are the current resistance and support points in Bitcoin? Will the low continue in BTC? Details are here.
This image is a frequently used indicator to identify critical points in BTC price. BTC has moved in line with our previous analysis with this indicator. In the image, clusters in three different colors stand out. The red ones from these clusters show the size of the BTCs in loss. The green ones show the BTCs that are in profit, the gray ones that are at the breakeven point. As you can see, approximately 55 percent of BTCs are in profit, while 44 percent are in loss. On the other hand, 1% is already at the breakeven point.
Bitcoin acts exactly like the price analysis we did yesterday. In Bitcoin, which is holding on to the 29,000 support today, the fear of falling began to increase. That’s what the market wants. Globally, gold and silver prices had come towards support points yesterday. But today they seem a little more recovered. However, this is not the case with BTC. After testing the $ 29,000 support yesterday, Bitcoin, which received a reaction from here and went up to $ 29,500, continues to lose blood today.
In the analysis we made yesterday, we said that they will increase the fear in Bitcoin a little more. It was so, and it left precious metals globally. Alright what now? Will the decline deepen or will the reversal happen? At press time, the price is trading around $28,800 in Bitcoin. Our close support points are 28,040, 27,167 and 26,200 dollars. The close resistance point for BTC is $29,873 and $30,400.
There has been no news that will disrupt the uptrend in Bitcoin in the medium term. Likewise, it did not come in global markets. This means that a correction process has been entered in the markets. In Bitcoin, this process was deeper than in other markets. It is possible that they will hold the price in this area a little longer or pull it to our close support points to increase the fear. In the medium term, our direction will be determined by the FED meetings. The closest Fed meeting is at the beginning of May.
You can follow the current price action here.