- For now, the crypto hovers beneath $40K and 100hourly Simple Moving Average.
- BTC’s 1-hour chart displays a sharp bearish trend-line developing with a resistance of around $39,700.
- A significant move beyond $40,000 may mean a near-term recovery for the crypto.
Bitcoin saw a bearish momentum that had it dropping beneath the crucial $40K. A decisive move past $40,000 might trigger near-term recoveries for the crypto.
BTC Price Sees Bearish Pace
BTC’s price struggle to climb beyond the $43.5K mark. The leading cryptocurrency started a new drop, trading well beneath the support barrier at $42K. Meanwhile, bears dominance dragged BTC under the $41K mark.
Also, there was a clear move beneath the foothold of $40K and a close beneath the 100hourly Simple Moving Average. For now, BTC consolidates losses following the crash towards the $39,240 lows.
Bitcoin struggles to keep the nearest resistance of $39.7K away. Meanwhile, the 1hr chart shows a massive bearish line forming with a hurdle at $39.7K.
The first resistance stands at $40K, and overcoming it would see BTC exploring the next obstacle at $40.2K, the area near the 23.6% Fibonacci retracement zone of the latest drop from the $43,415 swing peak to the $39,240 lows. An upsurge past $40.2K can kick-start a near-term recovery for Bitcoin.
Such developments may trigger an upswing to the resistance at $41,350. The hurdle stands around the 50% Fibonacci retracement area of the lasted move from $43.415 to $39,240.
Further Drops in Bitcoin?
Failure to keep the resistance of $40,000 away may reveal continued declines for the bellwether crypto. The closest support stands at $39,250.
Losing ground here will see the crypto at the foothold of $38,880. Breaching this barrier could mean surged selling pressure. That would see BTC accelerating lower to $37.5K in the upcoming sessions.
Some market experts believe BTC can extend lower. For instance, Arthur Hayes of BitMEX stated that the leading crypto could plunge towards the $30K value area. Such developments will catalyze bearish actions across the cryptocurrency marketplace.
Stay tuned for upcoming market news.
