Bitcoin continued to decline on Feb. 3 as analysis showed old resistance levels have returned and bulls are mocking.
BTC/USD chart 4 hours | Source: TradingView
Data from TradingView painted another intriguing picture for BTC on Thursday, with the pair setting a fresh low at $36.275.
After shocking moves in tech stocks in Wednesday’s trading session, the crypto market also took a hit as major tokens struggled to stabilize.
Scaling the chart, popular trader and analyst Rekt Capital once again reveals the $38,600 area – resistance sometime in 2021 – as a barrier for bulls to break.
“Indeed, BTC turned a bullish wick into resistance during the recent rally. For now, that $38,600 area is still viewed as resistance.”
BTC/USD Chart | The source: rect capital
“- bounce dead cat in rising wedge on long-term timeframe, breakout and continuation.
– Current support level between range, M-neck & downtrend channel (as of 11/21).
The lower the r:r ratio, the better for a new long entry point in the medium term. Example: correct scenario: entry point for overflowing greed”.
Meanwhile, the tech stock theme has erased the positive sentiment from other macro signals, with Russia’s proposal to allow banks to sell bitcoin and India’s new crypto tax proposal showing a condescending attitude.
Moving on to on-chain indicators, this week’s Puell Multiple follows Bitcoin’s Relative Strength Index (RSI) by forming a key oversold signal.
Developed by David Puell, this popular indicator compares miner revenue to spot prices to determine when spot prices are too high or too low.
The Puell Multiple is currently trending down and is at its lowest level since June 2021, the midpoint of the previous pullback after China banned mining.
Drag multiple charts | The source: BuyBitcoinWorldwide
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Coinbase responded to the SEC to prevent what it views as an unfair investigation by…
As Shiba Inu (SHIB) continues to evolve its ecosystem with a focus on crypto gaming,…
Analysts predict the spot Ethereum ETF launch in mid-July, with Bitwise amending its S-1 registration…
Despite the presidential debate impact on crypto, Bitcoin and altcoins are down. Mt. Gox sales…
Basel Committee approves cryptoasset disclosure framework and targeted revisions, enhancing transparency and market discipline.
Biden Replacement Memecoins surged: NOOSUM +15%, KAMA +220%, KENIDY +10%, while Jeo Boden fell 37%…
This website uses cookies.