{"id":1649,"date":"2022-02-04T09:25:22","date_gmt":"2022-02-04T09:25:22","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=1649"},"modified":"2022-02-04T09:25:22","modified_gmt":"2022-02-04T09:25:22","slug":"bitcoin-sets-lower-lows-as-2021-btc-price-resistance-taunts-hodlers","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1649","title":{"rendered":"Bitcoin sets lower lows as 2021 BTC price resistance taunts hodlers"},"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>Bitcoin (BTC) fell further pre-Wall Street on Feb. 3 as analysis revealed old resistance levels had returned to haunt bulls.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>$38,600 is back<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0painted another uninspiring picture for BTC\/USD Thursday, with the pair meeting new lows of $36,275 on Bitstamp.<\/p>\n<p>After shocking tech stock moves during Wednesday\u2019s trading session, the knock-on effect for crypto remained palpable as major tokens struggled to stabilize.<\/p>\n<p>Zooming out, popular trader and analyst Rekt Capital revealed the area at $38,600 \u2014 a stumbling block at several points in 2021 \u2014 was once again acting as a line in the sand for bulls to cross.<\/p>\n<p>\u201cIndeed, BTC produced an upside wick into resistance on its latest recovery,\u201d he tweeted. <\/p>\n<p>\u201cFor the time being, this ~$38600 area continues to figure as resistance.\u201d\u00a0<em>BTC\/USD annotated chart. Source: Rekt Capital\/Twitter<\/em><\/p>\n<p>For others, including fellow trader Anbessa, it was a case of \u201cthe lower, the better\u201d for Bitcoin, this chiming with existing expectations of a more significant breakdown occurring before a full recovery.<\/p>\n<p lang=\"en\" dir=\"ltr\">#BTC Update<\/p>\n<p>&#8211; dead cat inside LTF rising wedge, breakout &amp; continuation<br \/>&#8211; current support levels mid range, M-neckline &amp; downtrending channel (since Nov21) <\/p>\n<p>The lower we go the better r:r ratio for a new #midterm LONG entry. Eg nuke scenario (right) crowded greedy entry pic.twitter.com\/nCJVcHiQjc<\/p>\n<p>\u2014 AN\u20bfESSA (@Anbessa100) February 3, 2022<\/p>\n<p>Tech stock trouble, meanwhile, erased positive sentiment from other macro cues, with Russia\u2019s proposal\u00a0to allow\u00a0banks to sell Bitcoin and India\u2019s new crypto tax proposal taking a back seat.<\/p>\n<h2>Puell Multiple returns to classic oversold territory<\/h2>\n<p>Turning to on-chain metrics, it was the turn of the Puell Multiple this week to follow Bitcoin\u2019s relative strength index (RSI) in printing a major \u201coversold\u201d signal.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin whales buy at $38K as BTC supply per whale hits 10-year high<\/em><\/strong><\/p>\n<p>Created by David Puell, the popular indicator uses miner revenues relative to spot price to determine when the latter is overly high or low.<\/p>\n<p>Currently, the Puell Multiple is trending down and is already at its lowest since June 2021, the mid-point of a previous retracement after China banned mining.<\/p>\n<p><em>Puell Multiple chart (screenshot). Source: BuyBitcoinWorldwide<\/em><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><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-sets-lower-lows-as-2021-btc-price-resistance-taunts-hodlers\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) fell further pre-Wall Street on Feb. 3 as analysis revealed old resistance levels had returned to haunt bulls. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView $38,600 is back Data from Cointelegraph Markets Pro and TradingView\u00a0painted another uninspiring picture for BTC\/USD Thursday, with the pair meeting new lows of $36,275 on Bitstamp. After shocking [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1650,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-1649","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\/1649","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=1649"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1649\/revisions"}],"predecessor-version":[{"id":1651,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1649\/revisions\/1651"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1650"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}