August 9, 2022

Bitcoin Price Analysis: BTC Perpetual Swaps Reach 3-Month High; Can BTC Break $45,000?

2 min read

The biggest cryptocurrency has been rather unpredictable over the past 2 months in the middle of the geopolitical problem of the Russia-Ukraine war. The correction rally marked the present lower low at $33000 on January 24th. The purchaser’s recovery efforts drive the coin price by 35%; nevertheless, the $45000 stands as a formidable barrier for them.

Technical indications

  • The down-sloping vital EMAs(20, 50, 100, and 200) together with a bearish series indicate bear supremacy. Moreover, the sellers have just recently recovered the 20-day EMA, which now offers strong resistance to the coin rate.
  • The RSI indicator slope reverted from the 14-SMA in negative area accentuates a bearish sentiment.

TradingView Chart< img src=”https://s3.tradingview.com/snapshots/8/8s2pVGE2.png”alt=”TradingView Chart”/ >

Source- Tradingview A recent bearish reversal from the $45000 mark knocked out 2 significant assistance levels of $41600 and $395621. The Bitcoin price tumbled by 19% from the swing high, bringing it to $36000 support.

On February 24th, the sellers tried to extend these losses, but the buyers wrested control from bears, leading to a long-tail rejection candle closing above the $36000 mark. The following rally surged the BTC price by 8%, resetting the $40000 resistance.

Nevertheless, the long-wick candle light at this resistance indicates the sellers are defending this level, preventing an additional rally. If bears sustain the below $40000 mark, the increasing selling momentum would plug the cost to $36000 assistance in addition to the danger of a sag continuation.

  • Resistance level- $39640, $44650
  • Support level- $36372, $30000

BTC On-chain data analysis

  • The Global In/Out of the cash by intotheblock on-chain analytic platform indicates 61.95% of addresses remain in earnings. On the other hand, 33.95% Out Of The Money holders are experiencing loss.
  • An At The Money cluster highlights a possible resistance at the $39276 mark, followed by a fairly larger cluster mean worth at $42626 indicates the course to least resistance is downward.
  • Nevertheless, intotheblock has just recently tweeted that the trading volume for BTC perpetual swaps reached a 3-month high of over $134 billion on Feb 24th amid the Russian invasion in Ukraine.

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