According to Cointelegraph Market Pro data and TradingView shows that after spending the morning hovering around $38,200, BTC was hit with a wave of selling that pushed the price to $36,800.
According to Jordan Finneseth, some analysts and traders have come out to share their thoughts about Wednesday's Bitcoin price action and what areas to keep an eye on moving forward.
HornHairs, a crypto trader and pseudonymous Twitter user posted the following chart indicating a solid level of support near $37,400.
$BTC #BTC
— HornHairs 🌊 (@CryptoHornHairs) February 2, 2022
Support here now, a move back to $38k's is just a bearish retest unless we can reclaim $38.7k.
Drop below $36.7k and a move to take out range low seems likely, seeing as we took out the range high yesterday. pic.twitter.com/4g1RwXte16
According to him, after finding support at this level, "a move back to $38,000s is just a bearish retest unless we can reclaim$38,700."
However, a bearish move could see the price continue to slide lower with the chart above indicating that bulls are in trouble below $36,781.
"A drop below$36,700 and a move to take out range low seems likely, seeing as we took out the range high yesterday." Said HornHairs.
Another crypto trader and pseudonymous Twitter user 'Daan Crypto Traders', also posted the following chart highlighting the difficulty Bitcoin has had at breaking above this trend.
$BTC This diagonal is holding the price down since the top.
— Daan Crypto Trades (@DaanCrypto) February 2, 2022
Everyone seems to be watching this same line now which could cause some fakeouts. So be cautious about that.
It's currently testing the diagonal for the 4th time.
When will it break? pic.twitter.com/HQ0Ei1xCkB
"Everyone seems to be watching this same line now which could cause for some fakeouts. So be cautious about that. It's currently testing the diagonal for the 4th time. When will it break? Said Daan Crypto Trader.
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