- Bitcoin fails to wow investors during the weekend, struggles to hold above $31,000.
- Bulls put up a fierce fight, as shown by the MACD, but recovery remains a daunting task.
Bitcoin price is dancing between $31,000 and $32,000 as the new week’s trading kickoff. The Asian session has been marred by a minor retreated, with BTC losing some ground from areas close to $32,000. The ongoing correction will likely soar if support at $31,000 fails to hold, especially now that bulls are getting weary.
Bitcoin Price Recovery In Jeopardy As Risks For Another Dip Skyrocket
The Moving Average Convergence Divergence (MACD) shows that BTC is slightly in the bulls’ hands. This bullish outlook comes after a sustained buy signal that is likely to be accentuated by the MACD crossing above the mean line (0.00).
The initial call to buy Bitcoin occurred when the 12-day exponential moving average (EMA) crossed above the 26-day EMA. A sustained bullish technical picture could help bulls change the narrative and perhaps allow Bitcoin to settle above $32,000.
BTC/USD four-hour chart
However, the heightening overhead pressure will likely cancel the bullish effort. As mentioned, BTC has already lost some ground from highs, around $32,000. The most formidable refuge for buyers is at $31,000, but if push comes to shove and losses surmount the urge of recovery, Bitcoin will head for the descending channel’s lower boundary to seek support.
At the same time, a previous anchor at $30,800 is in line to offer the much-needed anchorage. It is essential to keep in mind that the Relative Strength Index (RSI) cannot rise above the midline, implying that bulls lack a catalyst to support their battle for the ultimate recovery coveting $40,000.
On the other hand, as bullish efforts go unrewarded, exhaustion creeps in, which means more buyers exit the market to the sidelines, a situation that may leave support levels at $31,000 and $30,000 vulnerable to declines.
Bitcoin intraday levels
Sport rate: $31,580
Support: $31,000 and $30,800
Resistance: $32,000 and $33,000
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.