The global crypto market has been striving with numbers but continues to remain distant from its stratospheric levels. The market capitalization of the business has taken a notable dip over the previous day, with numbers presently at $1.77 T.
Meanwhile, the star crypto Bitcoin has lost its threshold at $40,000 and is presently changing hands at $38,701.14. BTC price slipping to its current levels has given rise to the new-age marketers fretting concerns. Conversely, a number of factors emerge in favor of the kingpin. Such as the growing percent supply, which continues to go parabolic.
Will BTC Price Slip Down To $32,000 By The First Week Of May?
Bitcoin has swung to the south with its 20 D EMA, and its RSI plunging below 41. The sellers outweighing the buyers has dragged the price of Bitcoin to its press time levels of $38,701.14. Apparently, the price of BTC is down 16.76%, since the start of the month.
If the price fails to sustain at current levels and breaks below its immediate support levels at $37,000. The price of the cryptocurrency would eye at levels of $35,000. That said, increasing bearish trends could extend the downtrend to $34,634.84, and then to $32,488.25. Conversely, a push above its 50-D SMA to $42,000 levels, will invalidate the bearish thesis.
Will These Catalysts Trigger An Inclining Rebound?
While the buyers have been lacking the zeal, and futures market is showing mixed sentiments. A number of factors have been turning in favor of Bitcoin, and the results could eventually reflect on the price of BTC. For starters, Bitcoin’s percent supply last active for over the past year has been going parabolic and extending its ATH. That said, the percent supply is presently above 64.75%.
According to Glass-Node, the rate of change (z-score), i.e the ratio between long-term holder supply and short-term holder supply. For the 4th time in Bitcoin’s history has left the crucial zone. That said, following the last 3 occurrences, a massive bullish uptrend was observed.
Also Read : This is How Ethereum (ETH) Price Is Set To Perform In The Coming Week
On the other hand, Bitcoin’s hash rate has reached an ATH, which sheds light on the increasing demand for mining Bitcoin. The S&P 500 index has been making a bullish divergence on the daily chart and is also retesting the trendlines. A proponent from the industry foresees the possibility of a bounce next week. Which could be pivotal for Bitcoin, if materialized.
Summing up, whilst the probability of BTC ranging more to the south cannot be ruled out. The aforesaid factors will eventually help uplift the star crypto, once sentiments are eased-out. Successively, BTC at its current price is surely a good bargain for higher yields during the uptrends.
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Source: https://coinpedia.org/bitcoin/bitcoin-price-hitting-32k-is-inevitable-in-first-week-of-may/