Crypto analyst and YouTuber Crypto Rover has expressed his concerns for the current state of Bitcoin (BTC) in his latest video. According to the analyst, BTC fell below a crucial support level at around $29.8k, which has now turned into a resistance. The crypto then dropped even further to test the next support at $29.1k. However, the price of BTC has somewhat recovered since then and is now looking to test the new resistance at $29.8k. Crypto Rover believes that BTC’s price could go either way from here, but a break above this resistance level could see the BTC price climb a bit more. On the other hand, if the BTC price gets rejected at this level, it could lead to a price drop.
Looking at BTC’s 4-hour chart, Crypto Rover explains that the next resistance for BTC lies around $28.8k. He also believes that it is likely for the crypto king to test this level soon, and that it could present a really good buying opportunity for traders. On the 12-hour chart, the analyst points out that BTC’s price is forming higher highs, while its RSI is forming lower highs, creating a bearish divergence. It is also worth noting that there was much less volume during BTC’s last move up, which could be indicative that market momentum is waning for the crypto king.
At the time of writing, BTC is trading hands at $29,727.43 after a 0.65% price decrease over the last day. The crypto market leader is also currently down by more than 1% over the last week. While the current state of BTC may be concerning for some investors, it is important to note that the cryptocurrency market is highly volatile and subject to sudden price swings.
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In conclusion, the current state of BTC may be uncertain, but it is important to remember that the cryptocurrency market is constantly evolving and changing. Investors should always stay informed and be prepared for any potential price movements.