Bitcoin (BTC) price trades in a very tight range on Monday. BTC has been falling since February 16 from the highs of $44,585.69 while devaluating 16% in total value. Risk aversion and the Geopolitical truce between Russia and Ukraine kept the riskier asset including the crypto market pressurized.
- Bitcoin (BTC) price fall for the second straight day.
- BTC dipped to touch two-week lows near $37k.
- Risk-off sentiment undermines the demand for riskier assets.
In a recent development, Ukraine has reported shelling from Russia-backed separatists. On Sunday, French President Emmanuel Macron has proposed a dialogue between Russian President Vladimir Putin and his U.S. counterpart Joe Biden but that remains unheard.
As of press time, BTC/USD is trading at $37,670, down nearly 2% for the day. The world’s largest cryptocurrency by market capitalization holds a 24-hour trading volume at $23,913,778,719 with more than 40% losses.
BTC price trades near crucial level
On the daily chart, Bitcoin’s (BTC) price has been stabilized after dipping below the multi-week support of around $37k. However, the downside risk remains intact for the asset as it is currently hovering near the mentioned levels.
After testing the lows of January at $ 32,933.33 BTC/USD rallied 39% and peaked at $45,855.00 as the price sliced above the 50-day EMA (Exponential Moving Average) at $42,714.14. But bulls did not have the conviction to sustain near the upper levels.
Furthermore, the critical 200-EMA acted as a strong resistance barrier for the bulls as the BTC price continues to face the stiff hurdle since December 5.
Now, a daily close below the session’s low will trigger a fresh round of selling with the immediate target at $32,000.
On the flip side, a sudden buying interest could produce a green candlestick on the daily chart. Investors meet the first upside hurdle at 50-day EMA at $42,648.50 followed by the highs of February 10 at $45,855.00.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) reads below the moving average at 36 with a bearish bias.
MACD: The Moving Average Convergence Divergence (MACD) falls below the midline with advancing downside momentum.
