- Bitcoin couldn’t stay above the 31K resistance level
- Sellers seem to be dominant in Bitcoin
- Bitcoin’s 24-hour volume has decreased by 25%.
Will Bitcoin continue to rise? Where are the strong support and resistance levels for Bitcoin? Current Bitcoin analysis!
Medium-Term Bitcoin Price Analysis!
8 Hour Bitcoin Price Analysis Source: TradingView
When we examine the price chart of Bitcoin in the 8-hour time frame, it continues to move in the middle of the important resistance and support range.
If the Bitcoin price makes daily candlestick closes above the 31,000$ resistance level, it can continue its upward movement up to the 32,100$ levels.
If the Bitcoin (BTC) price cannot break the 31,000$ resistance level, it can realize the downward movement towards the strong support zone of 29,700$.
If the Bitcoin price encounters purchases from the strong support zone of 28,700$, it can initiate the upward movement again from this zone.
If Bitcoin rises with strong purchases from this support zone, it can realize its rise up to the 30,500$ levels.
Bitcoin Long/Short Ratios!
Bitcoin Long Short Ratios Source: Coinglass
When the last 24-hour long short ratios of Bitcoin are examined, it is seen that large whale investors mostly take positions in the downward direction.
Bitcoin whales think that the downward movement will continue as BTC price makes 4-hour candlestick closes below the 30,000$ level.
The Bitcoin short ratio is leading with 51%. According to many experts, it is thought that Bitcoin will experience a downward movement after liquidating short positions with a sudden upward movement.
