Bitcoin Could Extend Its Decline to Critical Support! Updated BTC Analysis

  • BTC is approaching the support zone around $36,700.
  • Closures below $35,500 could trigger a decline, but strong buying reactions may target $36,600.
  • If the $37,700 resistance isn’t breached, the decline could persist, with $34,778 as a key support level.

Bitcoin is approaching the $36,700 support zone. A decline may be expected below $35,500, while an upward movement can be anticipated above $36,600. However, if the $37,700 resistance is not overcome, the downward trend may persist. Investors should closely monitor the specified levels.

MEDIUM-TERM BTC ANALYSIS

BTC/USD Chart 4 Hours
BTC/USD Chart 4 Hours

When we analyze the 4-hour technical chart of Bitcoin, it is observed that BTC is approaching a significant support zone around $36,700. After rising to $37,750, the price experienced a 1.62% decline today.

If Bitcoin closes below $36,700 for a 4-hour period, it may drop to the initial support around $35,500. However, if strong buying reactions occur around the $35,500 level, the price could bounce back to $36,600. On the other hand, if Bitcoin closes below $35,500 and fails to surpass the $37,700 level, it might continue the downward trend and decline to $34,778. Therefore, BTC investors should carefully monitor the specified critical support levels.

If Bitcoin manages to secure strong buying reactions above $36,700, closing daily above the indicated gray zone support, the next target could be $38,000. However, if it breaks the mentioned gray zone support, it might sustain the downward movement towards $33,680.

Investors should pay close attention to price movements both above and below the levels specified in this analysis.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Trump Highlights Severe Trade Tensions Between U.S. and Europe Amid Heavy Taxes and Lawsuits

On June 28th, U.S. President Trump highlighted the complex...

Bitcoin Sees Massive 11,770 BTC Outflow from Major CEXs Including Coinbase Pro and Binance

According to the latest data from Coinglass, centralized exchanges...

Bitcoin Spot ETF Sees $2.214 Billion Net Inflow in U.S. as BlackRock Leads with $1.31 Billion

According to data from Farside Investors, the United States...

TRUMP Token Liquidity Pool Drains $6.77 Million in Major Withdrawal, Reports OnChain Lens

According to OnChain Lens data reported by COINOTAG News...

US Senate’s $4.2 Trillion Tax Plan Sparks Debate Ahead of Bitcoin Deadline

The U.S. Senate, under Republican control, has unveiled a...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img