Tanya Abrosimova
Independent Analyst
- Bitcoin has been sliding since the beginning of the week.
- A short-term recovery may be in store.
A failed attempted to settle above $4,000 ended in a sharp sell-off on Monday that leads the largest digital coin out there to the lowest level since February 27. BTC/USD is changing hands marginally below $3,700 at the time of writing with the bearish with no signs of the immediate recovery.
Looking technically, BTC/USD is well supported by DMA100 at $3,686. This is a strong barrier that may slow down the bearish trend for some time. The bears attempted to take it out of the way on Monday, but new buying orders located around that handle helped to engineer a recovery.
A sustainable move lower will open up the way towards the next critical support area $3,630-3,600 that includes DMA50. Below, we have very little in terms of support levels until psychological $3,500.
On the upside, BTC bulls should take the price back towards $3,800 to mitigate an immediate downside pressure. 1-hour SMA levels and also SMA50 (4-hour) located on the approach to the psychological handle may slow down the recovery. Though, a sustainable move above the said level will clear the way towards $3,870-$3,900 area strengthened by 38.2% Fibo retracement levels (monthly and weekly).
BTC/USD, 1D chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews
Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week.
Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60
Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days.
Solana could cross $200 if these three conditions are met
Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama. Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday. Active addresses and new address count in the Solana network have increased throughout July.
ALT, WLD, ENA, ID set for $200 million token unlocks next week
The crypto market is set to experience another wave of token unlocks next week, with Altlayer (ALT), Worldcoin (WLD), Ethena (ENA), and Space ID (ID) set for a combined token unlock worth about $200 million.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.