It has been a really long time since Bitcoin (BTC) and its supporters have seen a good day. For several months, the Bitcoin Investors have been trying their best to push the price in a positive direction. Despite all their efforts, Bitcoin hasn’t managed to stay above the $40k mark for a long time.
Bears Keep Selling the Rallies
From time to time, the investors have rallied alongside the bulls to push Bitcoin in a positive direction. However, whenever the bulls form a small rally, the bears start selling Bitcoin. This has kept the value of Bitcoin below the $40k mark and they are not letting the bulls form any strong rally.
Russia-Ukraine War Conflict has Impacted Bitcoin’s Value
As the bears have continued dragging the value of Bitcoin to a lower mark, it is not the only reason Bitcoin is facing a bad situation. In the past few weeks, the situation between Russia and Ukraine has gotten worse, which has led to a war conflict.
Both countries are known for being high miners of Bitcoin and Ukraine. Ukraine even ranks as the third-largest Bitcoin mining country in the world. As Russia keeps attacking major cities of Ukraine, the mining centers in the country keep shutting down. This has reduced the Bitcoin mining power tremendously. This is mainly because of the mining centers being shut down in Ukraine amidst the conflict with Russia.
Bitcoin’s Price Trend
In the past 24-hours, Bitcoin has surged by 0.82%, which has pushed its value to $39,085.83 per BTC. Still, Bitcoin is struggling In pushing Its value over the $40k per BTC mark. As far as the sentiments are concerned, the bears are currently going with negative sentiments.
This means that the bears may continue driving the trend for Bitcoin and keep it in the descending direction. This would push the price of Bitcoin on the strong support track.
The summary scale for Bitcoin is pointing towards “sell” sentiments. This means that the investors may continue selling Bitcoin and the trend would continue even in the case of low-level rallies.
The RSI for Bitcoin is currently below 45, which is not good news at all for the bulls. The oscillators are in the negatives, which is again a bad sign for investors who wish to see Bitcoin’s value rise significantly.
If the bears keep controlling the Bitcoin market, then Bitcoin price may plummet to 38,554 per BTC. As the bulls keep on flushing out more Bitcoin, it would mean that the price of Bitcoin may start dipping more into the strong support territory.
The next support price that Bitcoin may plummet to would be $37,109 per Bitcoin. Going forward, the bears may increase their selling power, pushing Bitcoin down to $35,803.