Bitcoin could retest the lows of its current range as its price trends to the downside. At the time of writing, BTC’s trades at $32,277 with a 2.3% loss in the daily chart. Investors and traders wonder if these levels will hold as bulls seem to lack conviction in lower timeframes.
BTC trends downwards in the daily chart. Source: BTCUSD Tradingview
Trader Josh Rager highlighted that Bitcoin has been moving sideways lately. The cryptocurrency has experienced less volatility than previous months with continual compression, at least, in the daily and weekly charts.
Rager set $36,000 as a critical price mark for the market to regain confidence. At the same time, other traders expect $31,000 to be a critical area of support that could prevent further downside.
Analyst Allen Au has noted a pattern in Bitcoin’s bull phases for 2013, 2017, and the current price action. The analyst believes that after a 60-day period, BTC’s price volatility has reduced from