This is When Bitcoin Traders Can Expect BTC Price Reversal! Here Are Watch Levels

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Bitcoin (BTC) and major altcoins have fallen along with stock markets this year as investors brace for a more hawkish Federal Reserve. At Press time Bitcoin price is facing resistance near $39,200, while Ethereum (ETH) Price is still below $3k.

A few altcoins are up over 5% Out of these, TRX and FTM are the two best performers among the top 100 crypto assets by market capitalization today.

BTC Price Action

BTC/USD has moved in a range of $37,585.79 to $38,627.86, exhibiting significant volatility.

We can observe Bitcoin price action retracing about 3.5 towards the prior support area on the 4-hour chart, implying that more downside is on the way. 

On April 28, 2022, the retracement made a new lower high near $40,000. Since then, BTC has steadily declined, reaching a new low of $37,500 overnight.

This morning, the reaction was higher, returning to the prior support area of $38,700. As a result, we may expect BTC/USD to start the next week with fresh lows being tested if more upside is not witnessed. 

Bullish Reversal soon?

If on-chain measures are any indicator, Bitcoin (BTC) may be on the verge of a bullish reversal, according to popular crypto analyst Michal van de Poppe.

The analyst informs his 589,000 Twitter followers that Bitcoin’s hash rate has reached a new all-time high, which has historically signaled the start of BTC rallies. 

He says, While a crypto prohibition is in effect, the Bitcoin hash rate has reached an all-time high. This indicates that demand for Bitcoin mining is growing, the network is becoming more secure, and the price will eventually follow suit.

Also Read : FED to Hike Interest Rate! Which Way Will The Crypto Market Head In Coming Days?

In a new strategy session, Van de Poppe suggests that a break of either $38,000 or $40,500 could anticipate BTC’s price behavior in the coming days.

He is has been long Bitcoin since $39,000, and actually looking for longs on altcoins a little bit more at this point if BTC Price is going to hold a significant support level, which is the $39,000 zone.

If we breach $40,500, I believe the next level to consider is around $43,000, where liquidity is available, and $43,2000, which is a move of almost 10%, he added.

Given Bitcoin’s sideways, low-volatility price movement, the analyst believes a strong impulse wave is on the way. Because the US dollar index (DXY) is poised for a correction, he believes a break to the upside rather than the fall is more plausible.