Bitcoin (BTC) Prices Fumble to Test Key Level of Support as Bears in Control

• A daily close below $37,500 would find solace in $35,000.
• Bitcoin is down 1.43% in the last 24 hours.

BTC price started the session on a green note and consolidated in a range between $40,200 and $40,800. However, the price failed to sustain the previous day’s recovery gains as the bulls lacked the conviction to record further gains. BTC needs a confirmation to pass the crucial juncture; the price is stuck near the previous level.

Mounting Selling Pressure

The formation of bullish formation in the last trading session, the hammer candlestick pattern, indicates the presence of buyers. However, the price retraced instead of moving up, suggesting some upside pressure on the asset. The 50-day EMA at $41,698 acts as a substantial hurdle.

The sustained selling pressure compelled investors to liquidate their money from the upper price range and offer a chance to the bears to earn. The relative strength index (RSI) gives bullish divergence by the price since April 11. Thus, making bulls hopeful for a quick recovery toward $44,000. On the contrary, a failure to hold the previous session’s low near $38,210.34 could upset the bullish calculation. A daily close below $37,500 would find solace in $35,000. Famous crypto analyst Crypto Rover is optimistic that the BTC prices will climb very soon.

Amid Bitcoin (BTC) mining stocks such as Hut 8 Mining touching multi-month lows, a significant industry executive has outlined key differences between BTC investment and investing in BTC-linked stocks. Ben Gagnon, chief mining officer of the major Bitcoin mining company Bitfarms, believes that direct BTC investment and exposure to BTC mining stocks are two “fundamentally different” investment strategies to suit different people and interests.

According to CMC, the Bitcoin price today is $38,844.50 USD with a 24-hour trading volume of $30,645,369,745 USD. Bitcoin is down 1.43% in the last 24 hours.