Bitcoin (BTC) Price Holds Strong Amidst Marketwide Selloff

While the global cryptocurrency market cap slipped by 1.02% over the past 24 hours, the market leader, Bitcoin (BTC) was able to secure a slight 0.02% increase in its price. BTC’s dominance also rose by 0.67% throughout the past day. At press time, BTC was worth $36,353.79 after it was able to reach a 24-hour high of $36,704.48.

Meanwhile, the token’s 24-hour trading volume suffered a more than 22% knock, which left it standing at around $20.06 billion. BTC’s market cap also ended up settling at $710.58 after its small 24-hour jump.

However, over the past week of trading, BTC’s price dipped by 2.64%. Despite the lacklustre 24-hour performance, BTC’s recent success was still very evident in the fact that its weekly performance was in the green by over 28%.

BTC attempted to break above the $37,500 resistance over the past 48 hours. Although it was able to rise to a high of $37,980, it quickly pulled back to trade back below the $37,500 mark. Traders then started offloading their BTC holdings, causing the market leader to test the $35,600 mark.

Bulls, however, defended the key support level. This led to a consolidation phase that BTC’s price has been in over the past 24 hours. This accumulation phase could be the build up to a strong breakout in BTC’s price.

Should BTC enter into a strong move towards the upside in the next few days, then it may attempt another challenge at the $37,500 barrier. Traders and investors will then want to wait for BTC to close 3 consecutive 4-hour candles above this point before entering into a long position. In this bullish scenario, BTC may continue to climb to $40,000.

On the other hand, a negative breakout could lead to BTC’s price falling below $35,600. Thereafter, continued sell pressure could force BTC down to $34,050 in the following couple of days.