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NewsBTC 2022-05-12 01:00:51

Bitcoin Remains Fragile, What’s The Next Major Support Area?

Bitcoin has shed close to 20% of its market value over the last week. King coin underwent six consecutive weeks of bearish pressure. The coin has retested levels that it touched in August, last year. Price had tried to briefly recover as BTC tried pushing the $32,000 price level over the last 48 hours. Ever since Bitcoin breached the $37,000 level, it has been a free fall for the asset. Bitcoin’s all-time high was $68,000 which it secured in November 2021. The $37,000 price mark had acted as a support level for multiple months. The continued long liquidation spree has made Bitcoin revisit the $30,000 price mark. An upside seems unlikely considering sellers have taken hold of the market at the time of writing. Continued downslide will cause BTC to tumble below $30,000. Bitcoin Price Analysis: One Hour Chart Bitcoin was seen trading at $30,100 at the time of writing. The $30,000 price level has been acting as a strong support level for the coin, however, prices can break below the same with continuous selling pressure. The above support level is also acting as a strong demand zone for the coin and if buyers find their way back, BTC might propel to touch the $37,000 mark again. Panic selling can push BTC to trade near the $22,000 price level. The fear index of the market continues to remain high amid the major sell-off noticed across the industry. Bitcoin displays downward momentum (white) on the one hour time frame, this r...

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