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Bitcoin struggling to find direction

Bitcoin is down more than 45% from the year’s high of $64,895.22 hit on April 14th. In the long term, watch for the weekly close below $30000 or above $50000, that will give a larger confirmation of direction in the long term.

Bitcoin struggling to find direction

Bitcoin price trading lower on Tuesday after the primary cryptocurrency failed to break above the $40000 zone. At the time of writing, trading $BTCUSD trading below $37000 area.

Bitcoin is down more than 45% from the year’s high of $64,895.22 hit on April 14th. The recent sell-off started after the US carmaker Tesla has suspended vehicle purchases using the cryptocurrency on May 12th. On Sunday, Bitcoin fell more than 15% after both China and the US tightened regulations related to cryptocurrencies.

The most popular cryptocurrency started the new week on a positive note and recovered some previous session losses after Elon Musk, founder and adviser of Tesla, assured on Twitter that he has spoken with bitcoin 'miners' in North America. On the other hand, the US investment bank Goldman Sachs declared bitcoin as a new asset class that they will be recommending to their customers.

Technically the overall momentum remained bearish for the crypto pair after the bears break below the $42000 area.

BITCOIN

In the short term if the price breaks above $42300 which would open doors towards the next resistance area of $44000 and above that $47000 is next. On the flip side, If the recent selling pressure continues the next strong support levels to watch $30000 and $27000.

In the long term, watch for the weekly close below $30000 or above $50000, that will give a larger confirmation of direction in the long term.

 

Trading is risky and your entire investment may be at risk. Please ensure that you fully understand the risks involved.

 

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