And it was delayed – The day is strongly bearish for bitcoin (BTC)† Where will the closing level be? Above $37,000, in the range of $36,000-$37,000, or even below $36,000?
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Bitcoin Below $37,000: End of Bullish Illusions?
The price of bitcoin opened today, May 5, 2022, above $39,000 and then fell below $37,000. Bitcoin is trading at $36,281 at the time of writing. It is currently registering a heavy daily loss of 7%.
So Bitcoin would not have escaped the strong downward pressure in the end. following the announcements by the US Federal Reserve on measures to combat inflation? Trader Cheds claims that bitcoin “ drops below 37K after bulltrap yesterday He points out that it is “a good lesson for those who insist.” to fight the trend †
Is bitcoin technically capable of rising again in the very near term to spark new optimistic expectations?
The trader Michaël van de Poppe had indicated that bitcoin had to “ restore the $37.5K level hope for further increases. He estimates that the price of bitcoin will thus be able to test “$39K again”.
However, if bitcoin falls below $37,500, then there would be ” nothing to say about the bullish outlook †
To appreciate the strength of the current decline, bitcoin price crashed despite news Terra (LUNA) has acquired for about $1.5 billion in bitcoin to guarantee its stablecoin, the terraUSD (UST).
While BTC markets are in the blood, the announcements from the US Federal Reserve previously favored the US dollar (DXY. The latter started rising again to retest its highest level in 20 years.
Is it time to pay much more attention to the soundness of the $35,000 Bitcoin Support † Should we also say that any attempt to recoup $40,000 in the short term would be just a simple bullish rebound, a bull trap? A daily loss of 7% is certainly impressive, but bitcoin has seen worse. In the coming days it will again be possible to judge after the dance of the bears today whether the bulls regain control or not.
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