Bitcoin prices today are an interesting day, dropping to a low in more than three months and then bouncing back.
According to CoinDesk data, the world’s largest digital currency by market value fell to $ 39,677.65 this morning.
At this point, it was trading at the lowest price since late September, additional CoinDesk figures reveal.
Since then, the digital currency has recovered somewhat, surpassing $ 42,000 in the afternoon and trading close to $ 41,800 at the time of writing this article.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Where could Bitcoin go next, following these latest price fluctuations? Several analysts have joined in to give their views on this issue.
Julius de Kempenaer, Senior Technical Analyst at StockCharts.com, claimed that these latest declines provided additional confirmation of Bitcoin’s bearish trend.
“Below below 45,500 support, we have seen an ongoing downtrend in BTC after completing a double top formation with a break below 60k,” he said.
“Beyond 45.5k, the acceleration slowed further and the next support level test was about 40k,” the analyst added.
“For now, support works at around 40k, but you can expect older support levels of 45.5k to start acting as resistors.”
“As long as the bass and bass range remains intact, mobility is a downside,” de Kempenaer emphasized.
“For another break below 40k, there’s a bit of support around 37k, but the main level to monitor is around 30k (29.5-32.0k),” he added. “Here, the main support is clustered.”
Josh Olszewicz, Head of Research at Valkyrie Investments, also talked about the bearish changes taking place in the Bitcoin market.
“As price trend indicators such as the low-time moving averages shift from bullish to neutral, the consequences and concerns of additional risk-off-related rate hikes fuel bearish price behavior, shifting these moving averages from neutral to bearish. “There is,” he said. ..
“BTC will experience the first so-called” desk loss “since June 2021 this week, and ETH may also experience the first desk loss since May 2020. Both represent a significant shift towards a declining bullish trend after March 2020. ” Olszewicz.
He also talked about the historical support for digital assets, saying that it “ranges between $ 31,000 and $ 40,000.”
William Noble, Chief Technical Analysts on Research Platform TokenMetrics, also provided some comments on this subject.
“BTC has very strong support just below 40k. There may be large purchase orders below 40k.”
“I think the integration is going well this week,” he said.
“The best support for BTC is 34k,” Noble added. “As soon as BTC reaches 34k, it can bounce back to 52k.”
Collin Plume, CEO and founder of My Digital Money, has further shed light on Bitcoin’s pricing support.
“I think Bitcoin is still looking at support levels between $ 42,000 and $ 45,000,” he said.
“This decline has been impacted by the government increasing yield bonds, reducing money printing, raising interest rates and lowering balance sheets, which allows investors to invest in bonds and other more conservative assets. “We will do that,” said Plume.
“Since then, some countries have been added banning Bitcoin mining-Kosovo, Iran and several other countries,” he said.
“The third factor is active traders. I think there is a conscious effort to push down Bitcoin and other markets for two purposes. Taxes and repurchasing at a much cheaper price.”
Disclosure: I own Bitcoin, Bitcoin Cash, Litecoin, Ethereum, EOS and Sol.