Bitcoin Price Prediction, Bulls Beware as BTC Teeters of Key Support
- Bitcoin faced resistance at $43,500 and struggled to surpass it, leading to a renewed decline.
- BTC is currently approaching the $40,000 support level, indicating a potential revisit to that key support zone.
- BTC is trading below both $42,000 and the 50-hour Simple Moving Average, suggesting a bearish trend and a possible further drop in price.
Bitcoin struggles at $43,00o resistance, eyes $40,000 support.
According to Coingabbar Technical Analysis, Bitcoin is currently experiencing a sideways trend, facing difficulty surpassing the $44,700 barrier.
The market's indecision is evident in a consolidation phase, forming a symmetrical triangle pattern on the four-hour chart.
Despite the symmetrical triangle, Bitcoin has broken the pattern in a downward direction, signaling a potential downtrend.
In the event that bears successfully breach the $40,000 level, it could trigger panic selling, leading to a potential test of the $35,000 level.
On the flip side, if bulls manage to hold the line, Bitcoin's price may find support at $43,500 and $45,000 levels.
The $40,000 level serves as a critical point, with a breach indicating a bearish trend and a hold suggesting potential upward movement.
KEY LEVELS :
RESISTANCE LEVEL : $41,600-$42,000
SUPPORT LEVEL : $40,800-$40,200
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
