What Levels Can Be Expected From Bitcoin This Week?

Bitcoin and cryptocurrencies started the new week in the green zone, but they have not yet recovered the losses of the weekend.

Trying to get over the effects of a bad weekend, Bitcoin and cryptocurrencies have not yet fully erased the losses they have experienced. Both Bitcoin and cryptocurrencies have left behind a very volatile week and it is thought that the BTC price will have an important place on the path to be followed this week. So what levels can be expected from Bitcoin this week? What are the two possible scenarios for Bitcoin? Here are the details...

Bitcoin: BTC/USD

Bitcoin, the most valuable cryptocurrency in terms of market value, has pushed the $37,000 support zone in the last hours, but has yet to break above it and the pullback has expanded a bit. However, Bitcoin retreated below the $36,000 support level and the 100 hourly simple moving average before gaining ground. Last week, the leading cryptocurrency rose to $ 39 thousand 475 and forced the psychological level of $ 40 thousand. However, with the consecutive negative news, the BTC price declined to $ 34,800.

Two Possible Scenarios in Bitcoin

According to the statements made by analysts, recent losses could be a huge hurdle for the bulls. On the other hand, a move above $ 37,200 may bring a new big price increase. According to the statements, the first major resistance after seeing above $ 37,200 is located in the band of $ 38,500. However, the main resistance is still seen at $40,000. A clear move above $40,000 is highly likely to bring with it another increase with greater momentum. On the other hand, it is stated that if Bitcoin cannot break above $ 37 thousand, the first support will be in the band of $ 36 thousand. Analysts state that the first major support is in the band of $ 35,500, and if it is dropped below $ 35 thousand, it may cause a sharp decline towards $ 32 thousand.