What Are Analysts Saying About Bitcoin’s Bottom After Price Climbed Above $38,000?

Ongoing tensions between Russia and Ukraine continue to make headlines today as Bitcoin surges and holds above $38,000.

BTC/USDT chart. Source: TradingView

Here’s what some analysts in the crypto market are saying about the latest BTC price developments and what levels to watch going forward.

Support Retest/Retest $38,000

The cyclical nature of BTC price action has been highlighted by analyst Rekt Capital in a chart that shows Bitcoin is currently retesting the key support/resistance at $38,000.

“Whenever BTC breaks out of the $38,000 red resistance area…it will return to that zone for a retest before moving higher. The green circle represents this. Currently in the process of reconsideration”.

BTC/USD 1 week chart. Source: Twitter

In addition to a simple retest of support and resistance, this price range has emerged as an important level when it comes to bull-versus-bear market history, as highlighted in the chart below, published by technical analyst Matthew Hyland became.

“Bitcoin has a week to avoid closing its fourth straight monthly red candle for the first time since the 2018 bear market. Monthly stack should be above $38,500.”

BTC/USD 1 month chart. Source: Twitter

Nothing to worry once bitcoin price stays above $30,000

Meanwhile, trader JohalMiles posted a chart urging everyone to calm down:

“It looks like a record has been broken here, but it’s hard to believe the bears didn’t even break or test $30,000.”

BTC/USD 1 week chart. Source: Twitter

In a response to JohalMiles’ tweet, analyst PlanC agreed with this view and made the case for a future bull market.

“Basically, I’m bullish unless bitcoin collapses and stays below $30,000 for weeks. And the $28k-$30k area has been acting as a very strong support for a year. ”

The psychology of seeing the end is near

Noting that “based on sentiment, the end is near,” analyst Crypto5max published the chart below looking at Advanced NVT Signals, an indicator that uses Bitcoin’s market cap and BTC network volume to determine the level of overbought or Determine oversold at a given price.

“Of course, like in 2021, the price may fluctuate and in many cases test the S/R, but there is plenty of data to suggest that a bottom is already in place. Do it like you always do. But I like to see fear in the market and see it differently (optimistic).”

Improved NVT signal. Source: Twitter

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