The current state of the bitcoin market shows more dominance of sellers, but the increase in sales pressure and the downward correction in prices in recent days still seem temporary. In addition, April and May (April and May) were the period of entry of new buyers into the market in the past.
According to Quinn Desk, the price of bitcoin has been in a narrow range for a long time and, of course, sometimes fluctuates. The bitcoin support zone is somewhere between $ 40,000 and $ 43,000, and the recent downward adjustment in the price range may stabilize in this area.
Resistances of $ 48,000 and $ 50,000 over the past four months prevented further growth in the price of bitcoin, indicating that the market was under the control of sellers during this period. On the other hand, the price has recently slowed down, which may be a sign of increasing pressure to buy at lower and price levels.
In the one-week outlook for the bitcoin market, the relative strength index fell below the middle axis (level 50), the first significant decline in price acceleration since March 28 (April 8). On March 28, the price again crossed the resistance of $ 40,000 in a few weeks.
Given the general market conditions, the recent downward price adjustment still seems temporary; Just like what happened last September. This time, however, the digital stock and foreign exchange markets in April and May are entering a period of time that has always been marked by short-term buyers.
Bitcoin price analysis after publication; Market reform may be temporary, appearing first in the digital currency.