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After a significant rebound following a retest of the $31,000 mark on Sunday, Bitcoin managed to hit $40,000 earlier Wednesday (UTC). However, it failed to penetrate through the stiff resistance at $40,000-$42,000 and lost momentum. It dropped to then hover above the $38,000 support level. At the time of writing, the price of Bitcoin is changing hands at $36,000 (on Bitwells).
After Bitcoin’s significant price drop, several attempts were made to break through the resistance at $40,000. The cryptocurrency appears to have lost momentum as it then pulled back further, making it uncertain what’s going to happen next.
Tina Ong, Bitwells’ technical analyst, used Bitcoin’s previous price history to determine its downturn this week appears to suggest the market’s correction is still ongoing.
If Bitcoin fails to remain above the $38,000 support, it could test its support at a lower level. As the market became weaker and its volatility rose, BTC’s price drop may not have affected its long-term bullish trend, and a recovery may be happening soon.
Before that happens, Tina Ong said, BTC may plummet to previously seen lows. A short-term bear market is on the table, with the continued influence of China’s crypto ban and the U.S.’ crypto tax proposal. As conditions worsen, the bulls may suffer in the near future.
Bitwells is a futures trading exchange that enables traders to profit from whichever direction the market moves with 100x leverage. With 100x leverage, you can maximize your profit 100 times with margin worth 1% of your order.
Advantages Of Bitwells
- Demo Account With 10 BTC
Once registered, users on Bitwells will be offered an actual trading account and a demo account with 10 BTC. You can practice leveraged trading and improve your trading skills via the demo account without worrying about losses.
- Transaction Security
The deposit address on Bitwells is a tamper-resistant cold wallet address with multiple signatures, which protects your margin from being hacked. Additionally, the super transaction engine and strong basic support provided by our partners ensure that users’ every transaction is accurate, fast, and safe.
- 100% Deposit Bonus
Bitwells has no deposit charges and offers its users a 100% deposit bonus. If you deposit 1 BTC, you will get 2 BTC. The deposit bonus can not be withdrawn but can be used for trading to increase your profit. In case things go sour, it can be used to improve your margin and avoid a forced liquidation.
Successful traders are always keen to adjust their strategies to changes in the market. Bitwells helps you maximize your Bitcoin profit.
If you are looking for a platform to do some futures trading, Bitwells could be the one for you. Sign up and make money right away！
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