Bitcoin Price Clarifies: Is the Correction a Prelude to Bullish Bliss?

BTC peaked at $49K, now declining. Risk of fresh drop below $41,500.

• Bitcoin struggled at the $50,000 mark, peaking near $49,000 and triggering a notable downtrend.

• In the weekly chart, BTC attempted a bullish move above the 61.80% Fibonacci level but fell short, leading to a decline.

• The short-term bearish phase kicked in as Bitcoin broke vital supports at $45,000, signaling a dip in market sentiment.

• Post breaching $45,000, Bitcoin free-fell, finding support around the 50-day MA, a crucial technical indicator.

• Bulls and bears clashed fiercely at the ascending triangle's support, heightening market uncertainty.

• A potential renewed decline looms if Bitcoin drops below the critical $41,500 support, indicating bearish momentum.

• According to Bitcoin price prediction, Staying below the triangle may drive BTC/USDT down to $40,000 and possibly further to $38,000.

• As per coingabbar analysis, Buyers must push the price beyond $45,000 to regain control and reverse the prevailing bearish trend, highlighting this resistance level's significance.

KEY LEVELS :

RESISTANCE LEVEL : $43,400-$44,000

SUPPORT LEVEL : $42,200-$41,500

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.