Bitcoin is trading down nearly 2.5% today and retreating below the $36,500 area. At the same time, cryptocurrencies Algorand and Polygon are losing nearly 8% lower, while Ethereum slips below the psychological $2,000 mark and is trading at $1,960. The downward pressure comes at a time when sentiment on Wall Street is weakening, with the US100 index retreating from annual highs at 16,000 points. The futures contract on US dollar (USDIDX) are trading lower today, but this is not helping cryptocurrencies.
- Supply pressure appeared once again, after Bitcoin reached the $37,700 level, which may indicate a bearish triple top pattern for biggest cryptocurrency
- Short-term support levels worth watching are primarily $35,000 - $35,500 where, according to on-chain data, a significant number of transactions have been concluded in recent weeks (volume concentration).
- A potential 10% drop around $33,000 could even lead to a test of the area around $31,000, as there is very little investor transactions numbers during last weeks and lower volume concentration between those levels.
Bitcoin charts (H4, M30, M5)
If we look at recent market geometry patterns, the possible range of Bitcoin's dynamic correction is around $35,500. At this level we can expect stronger support, also supported by the lows of the previous downward structure. Source: xStation5
Source: xStation5
On the broader 4-hour interval, Bitcoin's price stopped at the 100-session average (SMA100, black). Source: xStation5
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