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Friday, July 1, 2022

Bitcoin Price Stabilizes At $46K Support After Failed Breakout

The price of Bitcoin bounced back at a sum of $46k on the 14th of August after there was an attempt to crack major resistance. Fortunately, the cryptocurrency was able to stabilize the price after the attempt ended in rejection. 

Bitcoin Rejects At $48,000

According to data received from TradingView and Cointelegraph Markets Pro, the BTC/USD exchange rose to meet a giant sell wall on Saturday- which then went downwards to Friday’s levels. As was reported by the blog, the seller pressure area from a price of $47k and upwards had found themselves under some considerable pressure which was prominently featured throughout the daily chart for the week- with the cryptocurrency taking quite a few days to prepare its attack. In any event, the wall could only be broken partially, before the entire momentum ran out and the exchange returned to more favorable and familiar territory. 

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At the time of writing, the price action of Bitcoin has focused itself in and around $46,5k- which is a classic example of a Bart Simpson structure that ideally represented the movement over the last 24 hours. Michael van de Poppe, one of the major contributors of Cointelegraph stated that there was nothing very eventful about this move- for it was similar to every weekend that they had gone through. He further stated that the zone of heavy resistance would touch between $47k -$49k with no breakthrough happening for the cryptocurrency. 

It has been mentioned that suitable volume would be intrinsic to the survival of another run-up along with flip fresh resistance levels reaching the support- which is basically a breakout with that volume which could ultimately result in major losses for overly optimistic traders. According to Rekt Capital, it would be prudent to keep a close eye on the $46 k support zone of Bitcoin for the next few days.

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