Bitcoin Could Extend Its Decline to Critical Support! Updated BTC Analysis
- BTC is approaching the support zone around $36,700.
- Closures below $35,500 could trigger a decline, but strong buying reactions may target $36,600.
- If the $37,700 resistance isn’t breached, the decline could persist, with $34,778 as a key support level.
Bitcoin is approaching the $36,700 support zone. A decline may be expected below $35,500, while an upward movement can be anticipated above $36,600. However, if the $37,700 resistance is not overcome, the downward trend may persist. Investors should closely monitor the specified levels.
MEDIUM-TERM BTC ANALYSIS
When we analyze the 4-hour technical chart of Bitcoin, it is observed that BTC is approaching a significant support zone around $36,700. After rising to $37,750, the price experienced a 1.62% decline today.
If Bitcoin closes below $36,700 for a 4-hour period, it may drop to the initial support around $35,500. However, if strong buying reactions occur around the $35,500 level, the price could bounce back to $36,600. On the other hand, if Bitcoin closes below $35,500 and fails to surpass the $37,700 level, it might continue the downward trend and decline to $34,778. Therefore, BTC investors should carefully monitor the specified critical support levels.
If Bitcoin manages to secure strong buying reactions above $36,700, closing daily above the indicated gray zone support, the next target could be $38,000. However, if it breaks the mentioned gray zone support, it might sustain the downward movement towards $33,680.
Investors should pay close attention to price movements both above and below the levels specified in this analysis.