- Despite being optimistic about the positive trend of BTC and its possibilities to continue, a trader has warned that there could still be declines along the way.
- As the new week began, BTC found itself among many tokens whose prices had dropped. According to data, it was valued at $37,001 after experiencing a slight 0.50% price decrease.
- If the price of the leading cryptocurrency falls below this key support level, it may be at risk of falling to $34,000 next week.
While Bitcoin’s price is maintaining a positive trend, it has been moving slowly for the past few days: Is there a possibility of Bitcoin’s price falling?
Will Bitcoin Price Continue the Positive Progress?
Crypto trader and investor Daan shared in a post that Bitcoin’s (BTC) positive trend could continue. The trader’s prediction was based on the fact that the market leader is currently in its fourth consecutive green week.
Furthermore, BTC was also trading well above the support band of the bull market on the weekly chart. Despite being optimistic about the positive trend of BTC and its possibilities to continue, a trader has warned that there could still be declines along the way. The analyst said:
“Bitcoin is working on its 4th green week in a row and is trading well above the bull market support band. There will be corrections along the way, but as long as it maintains this uptrend, the trend is your friend.”
As the new week began, BTC found itself among many tokens whose prices had dropped. According to data, it was valued at $37,001 after experiencing a slight 0.50% price decrease. BTC was able to set a high price of $37,405.12, but since then, it has retraced to its current level.
Meanwhile, BTC’s 24-hour trading volume increased by 0.84%, reaching $13,098,205,251 compared to its value yesterday. The latest price success of BTC could still be observed in the fact that its weekly performance is more than 6% in the green.
Is there a risk of Bitcoin falling?
BTC was standing at the $36,900 support level, and considering that it fell below the trend line of the positive trend in the last 48 hours, it may face the risk of falling below this level. This trend line formed on the BTC chart in the past few weeks after the cryptocurrency recorded higher lows and higher highs during this period.
If the price of the leading cryptocurrency falls below this key support level, there might be a risk of dropping to $34,000 next week. This bearish thesis could be invalidated if BTC closes its next 2-day candle above $36,900. In this more bullish scenario, the cryptocurrency could potentially rise to $40,000 in the short term.
