Bitcoin Video 05. 31. 21.
Bitcoin has recently made several attempts to establish itself under the $35000 support, but has failed to sufficiently expand the downward momentum, which is a welcome progression for crypto bulls.
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It’s a quiet start to the week for other cryptocurrencies. Ethereum is up about 3%, while Dogecoin is up 1%. There hasn’t been any headline news for Bitcoin in the last few days, as the US has not been in the same way as the U. S. U. S. It has been targeted on the long weekend as China has taken a break after its recent attack on cryptocurrencies.
However, volatility may also recede soon, as Bitcoin remains close to the vital point at $35000, and bears will possibly try to push Bitcoin below this point in the upcoming trading sessions.
Bitcoin is lately in the narrow diversity between $35,000 and a resistance of $37,000 Recent attempts to settle below $35,000 have yielded no results, which is a positive progression for Bitcoin bulls.
In case Bitcoin does not stabilize above the resistance at $37000, it will head to the next resistance point which is at $40000 This is a key resistance point, and I expect great interest from the hikers and bearers in case Bitcoin proves this point.
The RSI is in moderate territory and there is plenty of room to gain further up front in case the right catalysts emerge. If Bitcoin is set above $40,000, it will attract more speculative investors and temporarily move to the next resistance check at $42,000. A move above this point will pave the way to check the resistance at $44,000.
On the other hand, Bitcoin wants to settle below $35,000 to continue its downward trend, the next point is $32,000. If Bitcoin manages to settle below this point, it will head to the next resistance, which is at the recent low of $30,000.
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