Bitcoin (BTC) Price Analysis: Horizontal Levels to Watch as Sell-off Continues

7:29 am, Mon, 9 May 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $33,500 mark and is looking quite bearish over the past few days. The price has not shown any bullish signs in the past three days and is continuously falling toward the lower support levels. Right now, the price has found some support around the $33,00 mark, but we might not see Bitcoin bounce from here either. Let’s take a quick look at the latest Bitcoin charts, to identify the horizontal levels we need to watch in the immediate short term.

Bitcoin (BTC) Price Analysis 2022 May 09

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Analyzing the Charts

If we take a quick look at the latest 4-hour charts for Bitcoin, we can notice that the price has lost all momentum after losing the support at $37,600.

Bitcoin Price Analysis 2022 May 09

The $37,600 mark was a major support level that was keeping the price in check. Once the price dropped below this level the buying pressure also dropped dramatically. We saw the price go sideways around $35,700 for a while but there was no significant buying momentum.

If BTC was to bounce from here the first resistance it will need to break is around the $35,700 region.

BTC Price Analysis 2022 May 09

On the other hand, if the price fails to hold the current support at $33,500, we will see the sell-off continue towards the $31,300 mark. It is an area that has acted as support in the past as well and it would be interesting to see how the price reacts here.

Bitcoin (BTC) Price Analysis 2022 May 09

The second scenario is more likely to play out as the momentum is quite bearish at the moment.

Conclusion: Final Verdict on Bitcoin

Bitcoin is looking extremely bearish at the moment, and we would not be surprised if we see another sell-off. Right now, we would not be placing any short-term trades on BTC and will wait for the price to stabilize around a strong support level. However, if the price visits the $30,000 region in the next few days, we will opt for the DCA strategy and will start accumulating more Bitcoin.

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