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Bitcoin price reverses back below $37k

Bitcoin chart

The most popular cryptocurrency Bitcoin reverse to $36k on Wednesday, seeing the crypto market once again in the red as global financial markets continue to increase volatility.

According to Cointelegraph Market Pro data and TradingView shows that after spending the morning hovering around $38,200, BTC was hit with a wave of selling that pushed the price to $36,800.

According to Jordan Finneseth, some analysts and traders have come out to share their thoughts about Wednesday's Bitcoin price action and what areas to keep an eye on moving forward.

HornHairs, a crypto trader and pseudonymous Twitter user posted the following chart indicating a solid level of support near $37,400.

According to him, after finding support at this level, "a move back to $38,000s is just a bearish retest unless we can reclaim$38,700."

However, a bearish move could see the price continue to slide lower with the chart above indicating that bulls are in trouble below $36,781.

"A drop below$36,700 and a move to take out range low seems likely, seeing as we took out the range high yesterday." Said HornHairs.

Another crypto trader and pseudonymous Twitter user 'Daan Crypto Traders', also posted the following chart highlighting the difficulty Bitcoin has had at breaking above this trend.

"Everyone seems to be watching this same line now which could cause for some fakeouts. So be cautious about that. It's currently testing the diagonal for the 4th time. When will it break? Said Daan Crypto Trader. 

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