{"id":6822,"date":"2022-02-03T17:01:55","date_gmt":"2022-02-03T17:01:55","guid":{"rendered":"http:\/\/egrowonline.com\/?p=6822"},"modified":"2022-02-03T17:01:55","modified_gmt":"2022-02-03T17:01:55","slug":"bitcoin-sets-lower-lows-as-2021-btc-price-resistance-taunts-hodlers","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=6822","title":{"rendered":"Bitcoin sets lower lows as 2021 BTC price resistance taunts hodlers"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) fell further pre-Wall Street on Feb. 3 as analysis revealed old resistance levels had returned to haunt bulls.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

$38,600 is back<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0painted another uninspiring picture for BTC\/USD Thursday, with the pair meeting new lows of $36,275 on Bitstamp.<\/p>\n

After shocking tech stock moves<\/a> during Wednesday\u2019s trading session, the knock-on effect for crypto remained palpable as major tokens struggled to stabilize.<\/p>\n

Zooming out, popular trader and analyst Rekt Capital revealed the area at $38,600 \u2014 a stumbling block at several points in 2021 \u2014 was once again acting as a line in the sand for bulls to cross.<\/p>\n

\u201cIndeed, BTC produced an upside wick into resistance on its latest recovery,\u201d he tweeted<\/a>. <\/p>\n

\u201cFor the time being, this ~$38600 area continues to figure as resistance.\u201d\u00a0<\/p><\/blockquote>\n

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BTC\/USD annotated chart. Source: Rekt Capital\/Twitter<\/em><\/figcaption><\/figure>\n

For others, including fellow trader Anbessa, it was a case of \u201cthe lower, the better\u201d for Bitcoin, this chiming with existing expectations of a more significant breakdown occurring before a full recovery.<\/p>\n

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#BTC<\/a> Update<\/p>\n

– dead cat inside LTF rising wedge, breakout & continuation
– current support levels mid range, M-neckline & downtrending channel (since Nov21) <\/p>\n

The lower we go the better r:r ratio for a new #midterm<\/a> LONG entry. Eg nuke scenario (right) crowded greedy entry pic.twitter.com\/nCJVcHiQjc<\/a><\/p>\n

\u2014 AN\u20bfESSA (@Anbessa100) February 3, 2022<\/a><\/p><\/blockquote>\n

Tech stock trouble, meanwhile, erased positive sentiment from other macro cues, with Russia\u2019s proposal<\/a>\u00a0to allow\u00a0banks to sell Bitcoin and India\u2019s new crypto tax proposal<\/a> taking a back seat.<\/p>\n

Puell Multiple returns to classic oversold territory<\/h2>\n

Turning to on-chain metrics, it was the turn of the Puell Multiple<\/a> this week to follow Bitcoin\u2019s relative strength index (RSI) in printing a major \u201coversold\u201d signal<\/a>.<\/p>\n

Related:\u00a0Bitcoin whales buy at $38K as BTC supply per whale hits 10-year high<\/a><\/em><\/strong><\/p>\n

Created by David Puell, the popular indicator uses miner revenues relative to spot price to determine when the latter is overly high or low.<\/p>\n

Currently, the Puell Multiple is trending down and is already at its lowest since June 2021, the mid-point of a previous retracement after China banned mining.<\/p>\n

Puell Multiple chart (screenshot). Source: BuyBitcoinWorldwide<\/em><\/figcaption><\/figure>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) fell further pre-Wall Street on Feb. 3 as analysis revealed old resistance levels had returned to haunt bulls. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView $38,600 is back Data from Cointelegraph Markets Pro and TradingView\u00a0painted another uninspiring picture for BTC\/USD Thursday, with the pair meeting new lows of $36,275 on Bitstamp. After shocking […]<\/p>\n","protected":false},"author":1,"featured_media":6823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[50,194,385,1439,195,3959,3006,4582],"class_list":["post-6822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-bitcoin","tag-btc","tag-hodlers","tag-lows","tag-price","tag-resistance","tag-sets","tag-taunts"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/02\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDIvZGU5ZmFmNDYtNDU2Yi00MTY5LWJjMGEtZjQwYWYzMTBmOWI0LmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/6822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6822"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/6822\/revisions"}],"predecessor-version":[{"id":6824,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/6822\/revisions\/6824"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/6823"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6822"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}