Bitcoin Nears Psychological Barrier, Here’s What To Look Out For

The cryptocurrency market has had another wild week, with the price of Bitcoin (BTC) hitting a new multi-month low of $37,700. The stock market also experienced a significant sell-off, owing to investor concerns over the size of the Federal Reserve’s next rate hike. While the price of Bitcoin has fallen 41.72 percent from its all-time high of $69,000, a deeper look into various on-chain and derivatives data suggests that a decline in inflows and the shift from institutional investors are the key factors influencing BTC price behavior. Bitcoin Stumbles On $40K For a few weeks, Bitcoin has been consolidating below its 100-day moving average, failing to break above it. The price has been supported by the important $37K demand zone and the falling mid-term trendline, which has lessened the bearish momentum. The $37,000 mark has now become important support for Bitcoin, posing a significant obstacle for bears aiming to drive the price lower. If it fails, the price will almost certainly fall below the $30K demand level. Furthermore, the RSI indicator is at 50%, with a bullish divergence between the RSI and the price, implying a reversal and a new bullish leg ahead. If Bitcoin is to launch a bullish surge, on the other hand. Related Reading | Bitcoin 401k? Fidelity Investments Says Yes The current price of bitcoin is $40,048, a figure that intraday traders should be extremely familiar with. According to the Relative Streng...