{"id":1619,"date":"2022-02-03T06:16:05","date_gmt":"2022-02-03T06:16:05","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=1619"},"modified":"2022-02-03T06:16:06","modified_gmt":"2022-02-03T06:16:06","slug":"bitcoin-price-dips-below-37k-as-a-descending-channel-pattern-comes-back-into-play","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1619","title":{"rendered":"Bitcoin price dips below $37K as a descending channel pattern comes back into play"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>The crypto market is once again in the red on Feb. 2 as global financial markets continue to see increased volatility.\u00a0<\/p>\n<p>Data from Cointelegraph Markets Pro and TradingView shows that after spending the morning hovering around $38,200, BTC was hit with a wave of selling that pushed the price to $36,800.<\/p>\n<p><em>BTC\/USDT 1-day chart. Source: TradingView<\/em><\/p>\n<p>Here is what several analysts and traders are saying about Wednesday&#8217;s Bitcoin price action and what areas to keep an eye on moving forward. <\/p>\n<h2>Bulls are in trouble below $36,700<\/h2>\n<p>Insight into the major support and resistance zones of note for Bitcoin was provided by crypto trader and pseudonymous Twitter user \u2018HornHairs\u2019, who posted the following chart indicating a solid level of support near $37,400. <\/p>\n<p><em>BTC\/USDT 1-hour chart. Source: Twitter<\/em><\/p>\n<p>According to the analyst, after finding support at this level, \u201ca move back to $38,000s is just a bearish retest unless we can reclaim $38,700.\u201d<\/p>\n<p>That being said, a bearish move could see the price continue to slide lower with the chart above indicating that bulls are in trouble below $36,781. <\/p>\n<p>HornHairs said, <\/p>\n<p>\u201cA drop below $36,700 and a move to take out range low seems likely, seeing as we took out the range high yesterday.\u201d<\/p>\n<h2>Will the fourth attempt be the charm?<\/h2>\n<p>A look at the descending price action for BTC since topping out in November was provided by crypto trader and pseudonymous Twitter user \u2018Daan Crypto Trades\u2019, who posted the following chart highlighting the difficulty Bitcoin has had at breaking above this trend. <\/p>\n<p><em>BTC\/USD 1-day chart. Source: Twitter<\/em><\/p>\n<p>Daan Crypto Trader said, <\/p>\n<p>\u201cEveryone seems to be watching this same line now which could cause for some fakeouts. So be cautious for that. It&#8217;s currently testing the diagonal for the 4th time. When will it break?<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>BTC price dives with stocks as fresh sell-off sees PayPal shed nearly 25%<\/em><\/strong><\/p>\n<h2>\u201cA fully intact bull market that is consolidating\u201d<\/h2>\n<p>A forward-looking analysis on what could come next for Bitcoin was summarized by technical analyst and pseudonymous Twitter user \u2018Decodejar\u2019, who posted the following chart outlining a possible move lower for the top cryptocurrency. <\/p>\n<p><em>BTC\/USD 1-day chart. Source: Twitter<\/em><\/p>\n<p>According to Decodejar, this is a common chart being circulated by analysts which shows a \u201cbearish ABC wave 4 expanded flat, ending below last year&#8217;s lows.\u201d <\/p>\n<p>While this is a common pattern, Decodejar indicated that \u201cthere\u2019s not much volume for an impulse\u201d and he doesn\u2019t \u201cthink we break last year&#8217;s lows.\u201d <\/p>\n<p>Decodejar said, <\/p>\n<p>\u201cWhat this all boils down to is that the correction is likely almost done at these levels, even if the market needs more time. What I do not see is a bear market, in fact, I am sick of hearing it. I see a fully intact bull market that is consolidating.\u201d<\/p>\n<p>The overall cryptocurrency market cap now stands at $1.729 trillion and Bitcoin\u2019s dominance rate is 41.1%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-dips-below-37k-as-a-descending-channel-pattern-comes-back-into-play\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The crypto market is once again in the red on Feb. 2 as global financial markets continue to see increased volatility.\u00a0 Data from Cointelegraph Markets Pro and TradingView shows that after spending the morning hovering around $38,200, BTC was hit with a wave of selling that pushed the price to $36,800. BTC\/USDT 1-day chart. Source: [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-1619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1619"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1619\/revisions"}],"predecessor-version":[{"id":1621,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1619\/revisions\/1621"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1620"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}