BTC Price Hovers Near $38,000; Hold or Exit?

BTC price started the trading session on a lower note and continued to print losses to investors. As looking at the trend of the previous few session, the price is oscillating in a tight range of $40,000 and $37,000 warning traders of aggressive bids. A clear directional bias is still out of the way,  but the current price action is skewed in the favour of the bears.

• BTC’s price failed to sustain the previous session’s gain and skid to the lower levels.
• As the price coils up near a vital support area, any dip could be utilized by the investors to make a fresh long position.
• But, if the price produces a candlestick below $37,000 will trigger a fresh round of selling.

BTC price consolidates near the support zone

On the daily chart, the BTC price might fall marginally to collect the downside liquidity before rerouting for a higher side. We advised investors to start accumulating in smaller chunks and should avoid any aggressive moves.

The price keep swinging between $40,000 and $37,500 since the beginning of the week. In addition to that, the buyers remain pressured below $48,000, but the downside is capped at the above-mentioned level.

A spike in the buy orders would push the price toward the $40,000 mark. Further, if the buyers could meet out the 50-day ema challenge at $41,600 next will be $45,000.

However, the formation of a strong red candlestick still kept the buyers on the back foot. A shift in the bearish sentiment would result in $37,700 followed by the lows of February 24 at $34,322.05.

BTC has been trading in a medium-term downside trend since the record highs made in November at $69,000.

As of press time, BTC/USD trades at $38,450, down 3.30% for the day. The pioneer cryptocurrency holds  the 24-hour trading volume at $27,187,145,681 as updated by CoinMarketCap.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

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.