Bitcoin fails to break the $ 40,000 mark as traders are looking for support at $ 36,000 and above

Bitcoin (BTC) has seen robust resistance after hitting practically $ 41,000 on July 28 amid calls to consolidate latest features.

$ 40,000 shouldn’t be but any new support

Data from Cointelegraph Markets Pro and TradingView present BTC / USD fell under $ 40,000 on Wednesday.

The pair began with a contemporary spike that created robust resistance in the vary, however in the end lacked the momentum to change its present sample.

At the time of writing, Bitcoin is concentrated at $ 39,500 after falling to $ 39,300.

For Cointelegraph worker Michael van de Poppe, the retracement shouldn’t be solely welcome however urgently wanted to consolidate new greater highs – and the prospect of one other breakout.

He mentioned on Wednesday that Bitcoin may have to shut decrease.

“What you want to see after such a move is for the price to make a higher low and you would like this best to happen around the $ 34,500 area,” he defined, noting that this was an space of ​​curiosity earlier than.

He added, “Both sides of that for the decrease works are $ 32,500 and $ 36,000, respectively.

Meanwhile, utilizing a cautious short-term bullish view, crypto trading agency QCP Capital admits that the vary cap ($ 42,000) is unlikely to change earlier than the choice occasion expires on Friday.

“Technical analysis aside, we expect the market will continue to try to trade in this 30-40,000 range in the short term,” the firm instructed Telegram’s channel members.

“On Friday, at the finish of the month, we anticipate to maintain 40-42k, as the OI right here is at its peak at 11k BTC at will (Chart 5). We assume that this stage will behave like a Friday decline, with the lengthy gamma in the market conserving it on this price zone. “

Forget the golden cross

Another topic that went into the mouths of dealers on Wednesday concerned a longer-term phenomenon: the so-called “golden cross”.

Related: High End GBTC Coincides With Bitcoin Price Crash As Fear Of Unlocking Goes Away

The golden cross was formed by the 50-day moving average rising above the 200-day moving average and is the opposite of the death cross, a feature that got a lot of discussion when it appeared on the BTC / USD graph in mid-June cared.

Thanks to this week’s rally, the possibility of a gold cross and its associated upside effects are “not negligible,” said Van de Poppe, saying it was of little concern to the market overall.

Trader and analyst Rekt Capital also entertained the story of the golden cross and predicted its completion as early as next month.

#BTCgreat relaxation from next

And so the 50-day EMA continues to flash

This means that a potential new Golden Cross could be created as early as mid-August 2021$ BTC #Crypto #Bitcoin https://t.co/JQzbmCAcR2 pic.twitter.com/k7yZrsn1KK

– Rekt Capital (@rektcapital) July 28, 2021