Past Performance of Bitcoin
Bitcoin is resilient, rebuffing determined bears and steady above this week’s lows as per the formation in the daily chart . The coin is relatively stable on the previous trading day, adding three percent against the USDT but still in negative territory week-to-date. BTC is also trading inside the April 26 bear candlestick . However, the inability of bulls to reverse losses swings price action to favor bears in the short-term, especially if BTC is pinned below $40.5k.
#Bitcoin Technical Analysis
The world’s most valuable currency is in bear territory at spot rates, trading in a breakout formation after an extended sideways movement. Even though BTCUSDT prices rejected lower lows, they are still trending inside the trend-defining bar of April 11. Therefore, from a volume analysis, sellers are in control. It will especially be the case now that BTC is below $40.5k and below this week’s high. Every high may encourage aggressive sellers to unload, targeting $35k in the short term.
What to Expect from #BTC?
Bears are still in control even as BTC finds adoption. The coin is in a bear breakout formation with caps at $40.5k. As long as prices are boxed within the April 26 bear bar, the coin may slide, aligning with the trend set early this week.
Resistance level to watch out for: $40.5k
Support level to watch out for: $37.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
