Almost a week back, the value of Bitcoin (BTC) was at a high price of $44,712 per BTC, and the bulls were struggling to keep it there. The data showed that Bitcoin was on the track to hit the 20-day SMA ($47,341.75), as, after such a long time, it had grown at a fast rate.

The bulls tried their best to keep the small level rally alive so that Bitcoin would make it up to the 20-day SMA, but the bears had something else in mind.

The bears continued selling Bitcoin at every rally they witnessed, which continue sinking the price of Bitcoin deeper into the negative zone. Before the bulls could gather and make the attempt of pushing against the bears, the price of Bitcoin fell below the $40,000 per BTC mark.

The price successfully sank the price of Bitcoin below the $35k per BTC mark, bringing it closer to the 100-day SMA ($33,632.1). However, the bulls managed to muster up the buying strength in order to carry out a rebound. The rebound would help push the price of Bitcoin back into the $38k plus zone.

Current Situation of Bitcoin

As of now, Bitcoin is exhibiting a value of $38,863.22 per BTC and it has recorded a 1.87% surge in the past 24-hours. The trading volume for Bitcoin has also been pushed up by 32.98%, which means that the investors are now buying Bitcoin.

The buyers are aiming to push the price of Bitcoin higher with a strong buying spree. However, the trend is currently pointing at the negative trend, which suggests that the majority of the investors won’t support the bulls.

At the moment, every 11 out of 26 investors are determined to sell Bitcoin while only 6 investors support the buying sentiments. The remaining 9 investors are staying neutral and are eager to see how things unravel going forward.

The RSI for Bitcoin is currently at 42.01 while the oscillator is also pointing towards the negative trend as it is standing at 45.12.

Bitcoin May Dip to $34,208.05 or Rise to $43,275.59

As of now, the sentiments of the investors are bearish and this may harm the price of Bitcoin, pushing it lower. With bears selling Bitcoin on a high scale, its value may dip to $37,118.11 per BTC.

With more investors joining the bears, the price of Bitcoin may continue falling deeper and may hit the $35,633.38 mark. As the bears push bulls out of the competition and their selling activity becomes fierce, Bitcoin may sink to $34,208.05.

On the other hand, if the bulls cross the $40,000 per BTC mar, they may succeed in hitting $40,520.21. If the bulls keep building more momentum in favor of Bitcoin, then the price of Bitcoin may surge to $43,275.59