After a significant rebound following the retest of $32K on Sunday, Bitcoin slightly hit $41K earlier last Tuesday (UTC). However, it failed to penetrate through the stiff resistance of $40K-$41k and lost momentum subsequently, hovering above the $35K support level. At the time of writing, the price of Bitcoin is changing hands at $32K (on Bitwells).
Starting from Saturday, after the big price dip, Bitcoin’s several attempts to breach $36K were met with heavy resistance. The digital asset seems losing momentum and fails to consolidate. The pullback in Bitcoin also makes many traders uncertain about what may happen next.
Considering the previous Bitcoin price history, according to Tina Ong, Bitwells technical analyst, Sunday’s low and Bitcoin’s downturn this week seemed to suggest that the market corrective phase still continues. If Bitcoin fails to stand at the support level of $30K, another test of lower support will be approaching. As the current crypto market has been weaker and more volatile than many investors expected, though the recent Bitcoin plunges had little impact on the long-term bullish trend, the imminent recovery is still on the way.
Before that, Tina Ong said, owing to the retracement, Bitcoin may see bigger plummets to its previous lows.
In addition to the overall momentum of cryptocurrency market, with the continued influence of China’s crypto ban and the United States’ crypto tax proposal, Bitcoin’s short-term bear is on the table. As the market conditions for Bitcoin bull have not been favorable at the time, it is crucial for traders or investors to choose a two-way trading tool with 100x leverage.
Bitwells is a futures trading exchange that enables traders to earn profits from both directions (long or short) with 100x leverage. With 100x leverage, you can make profits and maximize your profits 100 times with only a 1% margin.
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 a 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 Amazon 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 make more profits. In a downside trend, more margin lessens the probability of forced liquidation.
Successful traders are always keen to adjust their strategies to market changes. Bitwells maximizes profits out of your Bitcoins.
If you are looking for a platform to do some futures trading, Bitwells could be the one for you.
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