Bitcoin’s Price Still Can’t Break Through Resistance at $38.5K – Is a Drop Towards $30K To Follow?

What is missing for the Bitcoin price to start a new Bullish wave?

At the beginning of the week, I wondered if the worst was already over for the Bitcoin price, or if it was still to come. As the week comes to a close, we still have no more indication that the bottom has already been reached for this 50% Bitcoin price crash.

The Bitcoin price is still facing major resistance around the $38.5K - $39K area. It has been tested throughout the week, but each time we have seen a rejection. Panic is dissipating in the markets, but uncertainty still remains.

By testing this resistance unsuccessfully, the price of Bitcoin is likely to fall further if the $35.5K - $36K support does not hold. At that point, a fall into the $30K - $33K area would probably be a logical next step. We are not there yet, and I will analyze this in detail in the rest of this issue.

The price levels to watch in the short term are crystal clear for Bitcoin