Since it hit a record high in April, Bitcoin has been suppressed by more stringent policy supervision, and the price has fallen by more than 50%. Analysts on Bexplus believe that with the sharp decline in the market, the current decline has gradually eased, and the market has entered a rebound and repair. The market process has become very long and cautious, but from the perspective of the future development of the market, the current bubble is gradually decreasing, and more institutions are expected to enter the market in the future. Secondly, Bitcoin mining has recently experienced the biggest difficulty drop in history. In the short term, it is bound to attract more absenteeism. The Bitcoin market is expected to usher in a period of recovery.
In the current market, Bitcoin continues to consolidate within the range of $30K-$35K, and the intraday trading has not fluctuated too much. However, from the daily level, the lower support is slowly moving up, and the upper price is close to the key position of $35,500. If the price can break through the key price in the future and stabilized, it is expected that the market will continue to test upward. The support line could be focused on $34,000 and $32,500 in turn, and the resistance line can be focused on the $35,800.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.