According to data received from TradingView and Cointelegraph Markets Pro, it has been understood that Bitcoin has gone below the price of $37K. This means that the crypto market is again in the red on the 2nd of February with several global financial markets continuing to see the increased volatility.
Needless to say, most of the traders and analysts in the industry had quite a lot to say about the price action of the cryptocurrency on Wednesday, and the particular areas where they would love to keep their eyes drawn towards.
Bitcoin Price Loses Ground
Hornhairs, a crypto trader and a pseudonymous Twitter user, provided a large portion of insight into the resistance zones and major support for Bitcoin. They went on to post a chart that would indicate the cryptocurrency’s level of support at around $37,400. According to these crypto analysts, a move towards $38,000s is simply a bearish move unless they manage to reclaim the price at $38,700.
With that being mentioned, a far more bearish move would definitely see the price of the cryptocurrency going lower with the chart, which indicates that the bulls will be in trouble if the price goes further down.
Interestingly, a glance at the degrading price action for Bitcoin since maxing out in November was provided by pseudonymous Twitter user and crypto trader Daan Crypto Trades, who went on to post yet another chart that shed light on the difficulty BTC has had at breaking above this trend. The user stated that everyone seemed to be taking care of the same line which would definitely cause a lot of fakeouts.
Another Twitter analyst Decodejar has two pennies to share about Bitcoin. They mentioned that all the charts and information simply boils down to the fact that the correction is likely almost done at the current levels, even if the market seems to be needing a lot more time to deal with.