- Bitcoin price fell below $ 34,000 for the first time in two weeks.
- Market participants appear concerned about a death cross between the 50- and 200-day MA.
- Despite the pessimism, a certain technical indicator suggests that the time has come to buy BTC.
Bitcoin price is down nearly 19% after rising to a high of $ 41,400 on June 15. The sell-off has intensified in the past few hours, pushing BTC below $ 34,000.
Bitcoin price could rebound if this level of support holds
On June 17th, the Tom DeMark (TD) Sequential Indicator presented itself as Sell signal on Bitcoin’s daily chart, suggesting a steep correction was underway. A surge in selling pressure behind the flagship cryptocurrency was significant enough to confirm the bearish formation.
As Bitcoin price broke below the mid-Bollinger band on the daily chart, a dip into the lower band at $ 33,400 seemed inevitable. Fears of the death cross between the 50- and 200-day moving averages appeared to have compounded the bearish trend as some technical analysts see it as a strong signal of further downside pressure.
BTC / USDt 1-day and 12-hour charts
After the Bitcoin price fell below USD 34,000, a buy signal has appeared on its 12-hour chart.
The TD Sequential indicator is currently at a red nine chandelier, which is considered a bullish formation. If buy orders pile up around the current price level, BTCTC could bounce off the $ 33,400 support zone across from $ 37,000.
It’s worth noting that Bitcoin price needs to be above the June 9 low of $ 32,400 for the bullish outlook to be confirmed. Otherwise, there could be another sell-off that pushes BTC down to $ 30,000 or even $ 25,000.