Although there has been sideways behavior, the previous bearish bias indicates that the value of BTC could break through the support level. The price must hold at USD 39,200 to avoid selling at around USD 36,000, where there could soon be significant buying pressure.
Following a volatile week that sought to encourage investors, Bitcoin (BTC) sellers put pressure again. In that way, they prepare a weekly forecast in which the odds are somewhat bearish.
Bitcoin is trading at around USD 39,460 and has accumulated a 0.6% loss over the last 24 hours. Its trading value is above USD 16.64 billion, and its market capitalization is about USD 750.59 billion, according to CoinGecko.
The recent selling has led a slightly bearish direction, which could cause problems further problems in the coming hours/days.
The weekly metrics summary by CryptoQuant indicates that the scenario is not yet worrying enough. Most indicators have been neutral over the past week, but the second-largest group shows bullish signs.
The reserves on cryptocurrency exchanges remain at a minimum of three years. While two out of five technical oscillators are bullish, two out of four metrics tracking the behavior of the whales also show positive signs.
Even though the market sentiment is mainly neutral, it tilts slightly to the downside, given the signal from the leverage ratio.
The Weekly Technical Analysis of the BTC Price
The daily BTC/USDT chart shows a short-term bearish bias, which seems to be gaining bearish momentum.
The Bitcoin value is currently visiting the nearest support zone at around USD 39,200. Besides, there has been sideways behavior since April 12th. However, the previous bearish bias indicates that the price will likely breach that support level in the coming hours/days.
BTC has developed some aversion to seeking lower levels, leading to a slightly bullish bias in the medium term. For that reason, this weekly forecast could change views if the bulls defend the price soon.
Before trusting in a bullish scenario, the price must break through resistance at USD 41,500 in the short term. If that did not happen soon, there would likely be further selling toward USD 36,000.
The Weekly Chart of the Price of Bitcoin
The weekly chart shows an optimistic forecast for Bitcoin, as the bulls have continuously defended its price. As they do it every time a sharp drop occurs, there is still bullish hope.
The Bitcoin price needs to hold at USD 39,200 to avoid selling toward the next relevant support zone around USD 36,000. That area will likely see significant buying pressure in the short term.
Buyers maintain the long-term trend, which would only be at risk if the price lost support at USD 32,000. That will very unlikely happen at the moment.
Despite another bearish week, the bulls could dominate the market again. However, it is a matter of time to see the price of Bitcoin resume the upward trend.
The pioneering cryptocurrency has undergone severe crises but has overcome them and reached new all-time highs. For that reason, many investors still believe in Bitcoin as a store of value and a hedge against inflation.
By Alexander Salazar
