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Bitcoin Analysis: Bitcoin Appears exhausted! Asset Suffers Selling pressure at higher levels

  • The mother of all digital currency is facing strong selling pressure at higher levels, which pulls it to lower levels CMP at $31,900 with an intraday loss of -4.64%
  • Bitcoin, after hitting its all-time high of $41,950, now plunged more than -24% from its high

Bitcoin (BTC) slipped more after hitting its new lifetime high of $41,950, with no sign of significant recovery expected from current levels. BTC plunged more than -24% from its high, indicating tremendous selling pressure at the higher level. Presently it is trading under 20-Day Moving Averages, acting as a minor hurdle on the higher side. However, BTC is still sustaining above Major Moving Averages of 50,100 and 200. Support on the lower side is placed at $28,500, and a level of $24,000 can be considered a strong support level; however, if the correction is deeper, we can see the levels of $22,000 and $18,000. Meanwhile, resistance on the higher side is situated at $38,000 and $42,000, which can be operated after the price recovery from current levels.


On a daily chart, Bitcoin (BTC) is trying to recover after correcting from higher levels, now trading towards the higher levels. Support on the daily chart is placed at $31,000 and $28,700. Similarly, resistance on the higher side is set at $35,000 and $36,500. The volume recorded is $58,330,313,618, which is raised over +4.37% in the last 24-hour. Likewise, the total market capitalization stands at $595,805,572,129, with an overall loss of -4.35% in intraday.

Relative Strength Index (neutral) indicates a bullish momentum while trading at 44.26. However, it is currently trading flat near the oversold zone after recovering from the lower levels.

Moving Average Convergence Divergence (Bullish) currently indicates a Bullish trend on the daily chart as it gives a positive crossover with the significance of buying signal line (green) over sellers line(red). However, a negative crossover is expected as both the lines heading closer to each other.

Support levels: $28,500 and $24,000

Resistance levels: $38,000 and $42,000

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