August 7, 2022

JIC News

The latest cryptocurrency market news for today.

Bitcoin (BTC) Price Consolidates Around $39K Critical Level

2 min read
  • BTC is trading below the 50-day and 200-day EMA.
  • The rising trend line from $32,933.33 serves as sturdy support.

On Saturday, Bitcoin (BTC) prices were consolidating. After six days of falling prices, the price rose to $40,300, its day’s high. On the other hand, the prices rapidly retreated to their previous low of $39,000, ending the surge.

BTC/USDT: Source: TradingView

Russian President Vladimir Putin reported a high-level dialogue with Ukraine to his Chinese counterpart Xi Jinping in the latest stage of the Russia-Ukraine conflict. The Nasdaq finished the day up 1.64 percent, the Dow finished up 2.51 percent, and the S&P 500 finished up 2.24 percent on Friday.

Lower Weekend Volumes

Due to lower weekend volumes on crypto exchanges due to regular markets being closed, the likelihood of “fakeout” swings up or down was increased. Concerns about Monday’s potential for further upheaval fueled a sense of caution in the face of the geopolitical crisis in Ukraine and Russia.

Following a nearly 65 percent drop from its November record high of $69,000, Bitcoin’s (BTC) price is attempting to establish a base to rise another 26 percent from its present levels, as seen on the daily chart.

For BTC bulls, the rising trend line from $32,933.33 serves as sturdy support. Retracements were seen when Bitcoin hit $45,855 swing highs. When BTC meets the buyers at $34,322, it indicates that the bulls are making a return and might take the asset back into positive territory. At $41,529 and $45,847.64, BTC is trading below the 50-day and 200-day EMA (Exponential Moving Average). In addition, if the session’s bottom is not maintained, the bullish sloping line around $36,220 might be tested.

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