After a massive selloff in crypto market, Bitcoin has lost around 22% of its value in this week and has broken two important support levels (40K and 37-38K) and now trading at a local support near 35K. Bitcoin needs to hold 35K support line, otherwise further dump can push Bitcoin down toward the major support area (around 30-31K) for now. The bulls trying to push Bitcoin upside toward 37500 (as indicated by the first target line on the chart). If bulls can successfully break that resistance line, they can then try to achieve the second target which is to reach the major resistance area (around 40K - 40500) which was a major support area before the massive sell-offs which then became a major resistance area for now.
The global political and financial crises will have a major impact on the Bitcoin price movement. Especially the political escalation between Russia and United States over Ukraine as well as the possibility of US FED interest increase.
The global political and financial crises will have a major impact on the Bitcoin price movement. Especially the political escalation between Russia and United States over Ukraine as well as the possibility of US FED interest increase.