While multiple factors including external and internal are impacting the Bitcoin price rally to a large extent. The asset is further displaying the probability to maintain a significant downtrend. As more catalysts are currently fueling the BTC price plunge which may also nullify the buying pressure if accumulates.
A significant upward move within the crypto space is witnessed as the interim ceasefire in Ukraine is announced. The asset trends within a very narrow range to begin the weekly trade on a notable on a recovery mode. No doubt the star crypto prevented from going too low and flipped. Yet it still needs to reach out to the heavy liquidity area in between $37K to $36K. And this is when one can expect a notable bullish momentum.
Despite the interim plunge yet the fear of plunging hard has not yet been eliminated from the BTC price.
Bitcoin still finds itself within pivotal levels and hence a major upswing is much required at the moment. The current price is much below the 100-day and 50-day MA levels which is around $44,000 and $40,000 resp. Once these levels are secured then the 200-day levels very close to $50,000 may be tested. However, as said by the analyst, if in case, the BTC price fails to surpass the 50-day and 100-day MA levels, the asset may crash to the lowermost levels.
However, no particular lower levels are been framed at the present time, yet as per multiple predictions, $32,000 to $30,000 are the lower levels to test. Yet in case the asset revisits the levels below $30,000, the Bitcoin (BTC) price may become dead or enter into a slow consolidation phase for a long time. Only if the asset fails to rebound, the BTC price could visit lower lows else with building confidence amid the Russia-Ukraine conflict is a positive development for the crypto space.