Despite bitcoin’s five consecutive weeks of closing down, as highlighted in the chart below, the decline has lost momentum, with decreasing volumes.
Source: TradingView
According to Transfero, the US$ 35,850 support is the main protective barrier against a sharper drop. “But if it is broken with volume, the crypto asset’s price could reach the US$ 29,715 range, thus renewing buying opportunities for the market’s main asset”, the analysts said.
However, Transfero points out that if there is a slowdown in the downward trend, there is a possibility of a small reversal in the coming weeks, which could lead the bitcoin price again to the resistance of US$ 42,000. “This range, between US$ 35,850 and US$42,000, at this moment of lateralization, shows an excellent opportunity for short trades, with quick exits and entries”, said the Transfero team.
According to experts, in the short term, there is still a weakening of bitcoin prices, due to the global macroeconomic scenario, political instabilities, inflation and the possibility of worsening the war between Russia and Ukraine. Additionally, it should also be considered the chart formations, with prices below the moving averages of 8, 21, and 200 periods.
In the chart below, you can see a bearish flag (chart pattern) on the daily chart of BTC, with the Fibonacci projection targets respectively in the regions of US$34,000, US$30,700, and finally US$25,400.
Source: TradingView
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In any case, bitcoin remains at the top10 of global market capitalization, including all assets. Currently, BTC accounts for a market of just over US$706 billion, with its all-time high coming close to US$1.3 trillion.
Source: 8marketcap.com
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