Bitcoin (BTC) Still in Downtrends, Eyeing $32,649

  • BTC price function witnesses higher lows and lower highs, triggering a squeeze.
  • Bitcoin exhibits a downtrend bias and might plummet further toward January lows.
  • Monday opening and investors’ next steps remain crucial in the crypto’s bias next week.

Enthusiasts expect Bitcoin to register positive actions in the coming week. However, Bitcoin’s price seems to go nowhere amid sideways movements and price squeeze from all sides with higher lows and lower highs.

Technically, Bitcoin remains in a downtrend. Moreover, the geopolitical and economic background shows Bitcoin investors may remain sidelined for a whole before pushing the assets higher towards $60 in the long term.

Bitcoin Set to Move Sideways and Lower Next Week

Bitcoin price has bull eyeing the green for the week, but the overall price trend remains somewhat muted, without highs or lows from the past week. Market players can expect BTC to hover in the range from $36,709 to $44,088 bandwidth. Meanwhile, the death cross, Eurozone stagflation fears, and global spillovers to be in play and might result in a downside breakout.

Bitcoin price might start testing the bottom range in the coming week, exploring the $36,709 and monthly S1 foothold. BTC might extend its downswings from here, potentially testing its lowest level this year at $32,649.

Also, that might see the bellwether crypto printing another low for this year, breaking the mid-January one. That way, BTC prices may dip into a drastic correction phase and trade in the 2021 distribution zone.

Though Bitcoin price should evaluate multiple economic and geopolitical factors, one of these elements fading may shift the balance to bullish. That would translate to a price jump towards the $44,088 value area. Bulls will target $48K, with a monthly R1 resistance area and beyond a historical level.

Also, the 200-day MA will be vital in determining bulls’ reactions while approaching the area, as 23% gains would be possible. If bulls can remain patient and avoid massive profit-booking, BTC might climb towards $60,000 with more upside catalysts.

What are your thoughts about BTC’s price actions? Feel free to share your views in the comment section below.

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