The current hide and seek that Bitcoin is playing remains unchanged for the past several months; after recovering from the mid-May crash, Bitcoin has had to struggle to maintain the presented resistance levels. It has done a poor job at getting through to $50K and similarly addressing its ground at the $44K resistance level. And now it seems that after trying so hard, after being at it for so much time, Bitcoin has definitely been rejected by the $44K resistance area.
This is not a very great instance for Bitcoin as the future once again looks bleak for the cryptocurrency if it doesn’t strive enough to get through to the $50K price point. The $44K area remained a support area for Bitcoin the whole month of August but came 20th September; it has turned into the fierce resistance level Bitcoin has ever had to tackle. At present, this area is a rejection area as it has rejected Bitcoin because it wasn’t able to make the necessary impressions onto the market charts and is currently not a very bright investing option with casual investors.
Bitcoin’s Descending Parallel Channel
It is completely true that Bitcoin is receiving tremendous support from institutional investors and whales, but until the moment regular traders and casual investors don’t jump in to save Bitcoin, it might crash in the future and might continue to fall through resistance levels after resistance levels until it plummets to nothing.
The past six hours chart for Bitcoin depicts a descending parallel channel with hints of market corrections in it. The corrections are only supposed to kick in until after the cryptocurrency has secured an all-time high approach, but in the case of Bitcoin, these feel right there. If the current approach on which Bitcoin is pretty heavily mounted continues then, it is not long before crypto loses its value and the support of whales and institutional investors. That would be the game over for Bitcoin, but no one knows if a bullish approach would accompany Bitcoin in the upcoming days to make the crypto come to its senses and cross $50K.