On Tuesday, Bitcoin continued its weak downward trend since Monday, and the market faces a strong selling pressure. Currently Bitcoin is trading near 38,000. The current price spread of Bitcoin during the annualization period was 9.48%, an increase of 0.09% from the previous day. Google lifted the ban on cryptocurrency advertising and allowed the promotion of cryptocurrency exchange and mining-related products. Spain’s new draft law allows citizens to pay for mortgages in cryptocurrency. BSV suffered a "large-scale" 51% attack, resulting in three versions of the chain being mined at the same time.
From technical perspective, the daily candles surge higher, capital arbitrage exits the market and the daily candle continuously closed bearish. MA converges at a high level. H4 graph shows there is a downtrend channel. The key support earlier 38600 became the resistance point. The indicators are also bearish. Overall, prioritise Sell within the fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 38600.
Resistance：40000-41300-42600
Support：38300-36400-34400
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