Bitcoin (BTCUSD) May Decline to $35,000, Predicts Analysts

BTCUSD Could Pullback Due to the $38,000 Resistance

BTCUSD faces the prospect of retracing to the $35,000 support level, having encountered resistance at $38,000. Despite the bullish momentum that propelled the price up by over 42% in a remarkable four-week span, reaching from $26,300 to the formidable $38,000 resistance level, the cryptocurrency now grapples with breaking through this barrier.

BTCUSD Key Levels
Supply Levels: $38,000, $42,570, $46,000
Demand Levels: $35,000, $33,700, $28,000

Bitcoin is anticipated to spend the next three weeks in a persistent attempt to breach the $38,000 resistance. Due to this challenge of having to toil against the resistance, it is expected that the vigor of the bulls may begin to diminish, opening up the possibility of a retracement to the $35,000 support level.

The Parallel SAR (Stop and Reverse) dots, when analyzed on the daily chart, continue to be placed strategically below the candlesticks, confirming the market’s bullish outlook. However, signs of a potential weakening emerge as the Stochastic Oscillator lines exhibit a diminishing intensity, with the line dropping below the overbought region border and fluctuating below it.

Market Expectations

On the 4-hour timeframe, indications point towards market consolidation beneath the $38,000 resistance level. The Parabolic SAR Stop and Reverse dots alternate around the candles, emphasizing the struggle at this key resistance level. Simultaneously, the Stochastic lines display a ranging pattern from one end to the other. Despite ongoing bullish pressure, the likelihood persists that the price may eventually retreat to the $35,000 level.

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