Although Bitcoin has not been able to approach 40K since our last analysis, retesting of the key support is also important.
It was more than likely that after a busy period of almost constant growth, Bitcoin must once enter a phase of consolidation and resistance. When we look at the graph, we can say with certainty that right now we are in this phase and price range that is highly attractive to sellers as well as investors.
Exponential growth on Bitcoin continued until we exceeded $ 30K. In this area, we came across two problematic levels, namely $ 35K and then $ 40K. And although Bitcoin has been struggling to grow this year and has tried $ 40K again, this area has been a clear stalk that has cooled all buyers.
However, this situation has many more positives than negatives, because nothing grows indefinitely, and right now bitcoin has shown us which area is important for investors.
Bitcoin investors increased BTC’s purchase orders, especially in the $ 28k – $ 30K area, confirming a new key area of support. On the other hand, we have sellers who have shown the greatest interest in selling at $ 40K, which means that in the coming days we will see continued consolidation in this price range.
Technical Analysis:
- Key support in the area of $ 28K – $ 30K
- Another confirmed support at $ 22.5K
- 2. Key support at $ 19.5K
- Strong resistance at $ 40K
- Short – term resistance at $ 35K
Read also: In 2020, investors earned more with ETH than with BTC
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