$32,000 support remains key for Bitcoin

Bitcoin, wider crypto markets and risk assets in general have been in a steep decline since the start of the year. Although Bitcoin had a slight rebound from yesterday, bearish pressure remains strong. We could see trading in a range between $32,000 and $42,000. This is the same range where Bitcoin traded between May and August 2021 after bans in China. If we see the $32,000 level hold, then we could see a gradual recovery. The first key level will be $42,000 and then it may possibly rise higher. The support level of $32000 has repeatedly provided support to Bitcoin, but if it breaks then there will be real fears of a prolonged bear market.