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Home»Bitcoin»Bitcoin Enters a Bearish Bastion at $37.5K – What Now?
Bitcoin

Bitcoin Enters a Bearish Bastion at $37.5K – What Now?

2023-11-23No Comments2 Mins Read
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Journalist

Posted: November 23, 2023

Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

  • If BTC can cross the $38,000 mark, traders can maintain their bullish expectations.
  • The liquidity charts suggested that a reversal could take BTC to $35,000 or lower.

Bitcoin [BTC] maintained its bullish market structure on the price chart. The $37.5k resistance had not yet been defeated, but BTC’s uptrend was still in play. In other news, BTC’s hash rate hit a seven-day high.

AMBCrypto noted that miners were selling and that the miner balance had fallen dramatically in recent weeks. Can this selling pressure tip the balance and force a turnaround?

The trendline support has strong defenders

Bitcoin enters a bearish bastion at $37.5k.  Here's how the bias could turn bearish

Source: BTC/USDT on TradingView

Over the past three weeks, BTC has formed a trendline support (green) and has tagged it multiple times. Each time, the bulls have managed to buy the dip and force prices back up.

Moreover, the structure remained bullish, although a move below $34.8k would change that.

The RSI stood at 57 and has fallen over the past ten days. Although the momentum waned, the bears still did not have the advantage.

On-Balance Volume also slowed, but did not break the uptrend.

Local highs around $38k could be taken out before a move downside. Expectations of a price drop would become stronger with a price move below the trendline support.

To the north, $41k-$43k would be a target if BTC rises above $38.5-$38.7k.

The price is attracted by liquidity and could form a bandwidth

Bitcoin enters a bearish bastion at $37.5k.  Here's how the bias could turn bearish

Source: Hyblok

Using the past seven days as a look back period, the heatmap of liquidation levels was plotted. AMBCrypto’s analysis of this data alongside the technical perspective showed that a move to $38k was very likely.

See also  Bitcoin Reaches ATH Against the Euro and Nearly Breaks USD – What Now?

This was due to the current bullish bias in the charts, the strong trendline support and the huge amount of liquidity at $37.9k-$38.2k.


Read Bitcoins [BTC] Price prediction 2023-24


If BTC were to move into this zone but fail to close a four-hour trading session above $38,000, a reversal would become more likely.

In that case, a move south to $35,000 could begin in search of the next liquidity pool. The formation of a range would be made clear if BTC were to drop to $33.8k and then bounce.

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37.5K Bastion Bearish Bitcoin enters
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