Bitcoin price is approaching oversold territory and a bounce from the current levels could trigger a range-bound surge in $ALGO, XMR, XTZ and THETA price.
also appears to be increasing sell pressure across the crypto market.
The BTC/USDT pair has a minor support at $34,322 but if bulls fail to defend this level, the decline could extend to $32,917. This is a crucial level to keep an eye on because if it cracks, the pair could witness panic selling and the next stop may be $28,805. This negative view could invalidate in the short term if the bulls push and sustain the price above the 20-day EMA. If that happens, the pair could rise to the 50-day simple moving average .The downsloping moving averages indicate that bears are in command but the oversold levels on the RSI suggest that a relief rally or a consolidation is possible in the near term. If the recovery fails to rise above the 20-EMA, the bears may maintain the selling pressure and the pair could drop to $32,917.
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