The latest video from renowned crypto analyst and YouTuber Crypto Rover has raised some pertinent concerns regarding the current state of Bitcoin (BTC). In his insightful analysis, Crypto Rover highlighted that BTC recently slipped below a crucial support level of $29.8k, now a formidable resistance. This was followed by a further dip in value, testing the next support level at $29.1k. These developments have certainly given rise to some apprehension within the crypto market.
Subsequently, the cryptocurrency’s value has experienced a partial resurgence and is currently poised to challenge the fresh resistance at $29.8k. Crypto Rover posits that the trajectory of BTC’s value is uncertain at this juncture, but surpassing this resistance threshold may propel the price of BTC to greater heights. Conversely, if BTC fails to breach this level, it may result in a decline in value.
Upon closer examination of BTC’s 4-hour chart, the analyst has identified a potential resistance level of $28.8k. The crypto king will likely test this level shortly, offering astute traders a lucrative buying opportunity.
Furthermore, according to Crypto Rover’s analysis on the 12-hour chart, Bitcoin’s price is exhibiting a concerning pattern of higher highs, while its RSI is showing lower highs, indicating a bearish divergence. Additionally, the recent upward movement of BTC was accompanied by significantly lower trading volume, which suggests a weakening of market momentum for the leading cryptocurrency.
According to CoinMarketCap, the current trading price of BTC stands at $29,727.43, reflecting a slight 0.65% dip in value over the past 24 hours. Additionally, the leading cryptocurrency has experienced a decline of over 1% in the past week.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
