Bitcoin’s price has been quite volatile for the past week. The price, which moved up and down, especially upset the investors who made leveraged transactions. Altcoins have also suffered from these harsh movements of Bitcoin. So, which way will the price go in Bitcoin? What are the critical levels for price? Details are here.
While the price of Bitcoin moved above $30,000 last week, it fell sharply below $27,000. BTC, which rose again, rose again to the level of $ 30,000 and fell again. The rebounded price is trading at $29,300 at press time. If you are trying to make money in such a volatile market, you need to know the important points for the price. In addition, it will be beneficial for you to constantly follow important data about the market. In order to benefit our readers in this regard, we will share important data with you and make comments on the direction and critical points of the price.
The price of Bitcoin corresponded exactly to the analyzes we made with this data before. Now let’s move on to interpreting the data.
In this image, we see clusters in three different colors. Of these clusters, red ones show Bitcoins in loss, while green clusters show Bitcoins in profit. Clusters in gray show BTCs that are at the breakeven point. According to the data, 73 percent of existing Bitcoins are in profit, while about 25 percent are in loss. The remainder are traded at the breakeven point. The first data we obtained informs us that the sales pressure will arise from the wallets that will realize profits. This increases the importance of green clusters. The average price of the largest green cluster at $26,300 is our main support. The average price of the first red cluster, $ 30,500, shows our main resistance point.
In this image, we narrowed our price endpoints a little more. So we will examine Bitcoins that are closer to the current price. Here, we see that the BTCs in profit have decreased a little more. However, in our previous analyzes, the red clusters that were close to the BTC price were less voluminous. This shows us that some wallets are upside down in the last movements. If we look at our closer resistance and support levels here, our close support points are $28,800 and $27,800. Next comes the $27,000 level and the main support at $26,300. On the other hand, our close resistance points stand out as the price area of $29,300 and $30,500.
The news feed that will significantly affect the price of Bitcoin will be the FED this week. The rate decision to be taken at the FED meeting this week may affect the uptrend of Bitcoin. Overall, the market expects an increase of 25 basis points. A future increase in this rate is already priced in. An increase above this rate or more hawkish statements than expected may disrupt the main trend of Bitcoin. But this is unlikely…
You can follow the current price action here.