Bitcoin is not bullish unless it crosses this resistance level

What's in this article

Bitcoin is in constant decline decently making lower highs and lows. Each Bitcoin lower high is touching a trend line acting as a critical resistance level.

Bitcoin price today is $38,525.08 USD with a 24-hour trading volume of $19,102,548,916 USD. Bitcoin is up 0.33% in the last 24 hours, with a market cap of $729,924,093,566 USD. It has a circulating supply of 18,946,725 BTC coins. 

Source: Tradingview

Bitcoin: Analysis

Bitcoin is nearing this resistance level at $3900 and if it failed again to topple it, it will start moving to make a new lower low. Looking at the chart, Bitcoin makes each lower low around 16% lower than the previous. Although there are two major support levels at $31,800 and $30,000 – following 16% pattern Bitcoin might even drop as low as $28,000. It will however be difficult to plunge below this level as institutions and big whales enter there.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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