BTC/USD Reaches Oversold Region as Bitcoin Hovers Above $38K

BTC Price Fluctuates Between $37K and $45K as Bitcoin Hovers Above $38K– March 11, 2022

On March 10, BTC/USD declined below the moving averages as Bitcoin hovers above $38K. Today, the decline has continued to the low of $38,712. This will be the third time, the BTC price will be falling below the moving averages after rejection from the $45,000 overhead resistance. In all the bearish moves, Bitcoin has fallen to the low of $34,425 and pulled back.

Resistance Levels: $70,000, $75,000, $80,000 Support Levels: $50,000, $45,000, $40,000

BTC/USD – Daily Chart

In the same vein, the bulls have pushed the largest cryptocurrency thrice to retest the $45,000 overhead resistance. On three occasions, the bulls were repelled as Bitcoin fell below the moving averages. Today, Bitcoin has fallen above the $38,000 support. In the previous price action, the market declined to the low of $37,181 and rebounded. Nonetheless, if Bitcoin falls to $36,000, the market will further decline to a low of $34,000 price level. However, if the selling pressure persists, BTC/USD will decline to the low of $32,000. The crypto will face deeper correction and there will be unnecessary panic buying and selling.

Crypto-friendly Yoon Suk-yeol Wins the South Korean Presidential Election

Yoon Suk-yeol has been officially elected as South Korea’s next president. According to the report, Yoon represents the conservative People Power Party. He claimed victory over Lee Jae-myung by a margin of less than 1% who is more politically progressive. The election is regarded as one of the closest victories in South Korean history. In South Korea’s election debate, the cryptocurrency played a leading role as both candidates released campaign-related nonfungible tokens (NFTs).

The presidential elect, Yoon promised to deregulate South Korea’s crypto industry and establish his forward-thinking stance on digital assets. He said: “To realize the unlimited potential of the virtual asset market, we must overhaul regulations that are far from reality and unreasonable.” In a positive development, the native token of the South Korean ICON blockchain Icon (ICX) has surged by 60% for the past 12 hours. In December 2021, Yoon famously minted his signature on the blockchain at a televised startup forum.

Meanwhile, BTC’s price reaches bearish exhaustion as Bitcoin hovers above $38K. The decline is retesting the oversold region of the market. There are candlesticks with long tails pointing to the current support. The candlesticks indicate that the current support has strong buying pressure.