Bitcoin fails to reverse $ 40,000 with traders considering $ 36,000 or less for support

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Bitcoin (BTC) has seen strong resistance after approaching $ 41,000 on July 28 amid calls to consolidate recent gains.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingView $ 40,000 yet to be pasted as new media

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD slipping back below $ 40,000 as Wednesday progressed.

The pair had started with a new push that took them towards strong range resistance, but ultimately lacked the momentum to change their existing paradigm.

At the time of writing, Bitcoin was focused on $ 39,500, after dropping to $ 39,300.

For Cointelegraph contributor Michael van de Poppe, a retracement was not only welcome but essential to cementing new higher levels – and the prospect of another breakout.

Bitcoin, he said on Wednesday, was expected to close a higher low.

“What you want to see after such a move is that the price is going to hit a low, and you preferably want to see it happen in a range of around $ 34,500,” he explained, noting that this was previously an area of ​​interest.

On either side of this level for the higher low constructions, there was $ 32,500 and $ 36,000, he added.

Taking a cautiously bullish short-term view, crypto trading firm QCP Capital admitted that the range cap ($ 42,000) was unlikely to change before Friday’s options expiration event. .

“Aside from technical analysis, we believe the market will continue to look to trade in that 30,000 to 40,000 range in the near term,” the company told Telegram channel subscribers.

“During the Friday expiration at the end of the month, we expect 40-42k to hold as the OI peaks here with a notional 11k BTC (Chart 5) at this price region. “Never mind the golden cross

Another topic on traders’ lips on Wednesday concerned a longer-term phenomenon: the so-called “golden cross”.

Related: GBTC Premium Matches Falling Bitcoin Price Levels As Fear Of Unlocking Fades

Formed by the rise of the 50-day moving average above the 200-day moving average, a golden cross is the opposite of a death cross, a feature that sparked considerable debate when it entered the BTC / USD chart in mid-June.

Now, thanks to this week’s price hike, the possibility of a golden cross and its associated bullish implications were “not insignificant,” Van de Poppe said, while saying that as a feature it had of little importance to the market as a whole.

Trader and analyst Rekt Capital also entertained the Golden Cross story, predicting its completion as early as next month.

#BTC’s fantastic takeover continues

And so the 50-day EMA continues to increase

This means that a potential new golden cross could occur as early as mid-August 2021 $ BTC #Crypto #Bitcoin https://t.co/JQzbmCAcR2 pic.twitter.com/k7yZrsn1KK

Rekt Capital (@rektcapital) July 28, 2021

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