Bitcoin falls below $ 40,000; What’s the next move?

Yesterday, the price of bitcoin fell below $ 40,000 after a long time. The price is already above this level, but it is still not possible to speak for sure about the next movement of bitcoin.

According to the Quinn Desk, the bitcoin market is still in short-term decline, which began in November 2021 (November) and now the price is about 40% of the historic peak of 69,000 dollars. Bitcoin is currently close to the $ 40,000 level, and the strongest support for the price line is the $ 30,000 level, which serves as the price bottom in 2021.

The situation with inertial indices remains negative, which may be a sign of stable pressure on sales in the last month. In addition, Bitcoin has failed to break the 40-week moving average resistance of $ 45,724 in recent days, indicating that the market is in the hands of traders.

Bitcoin falls below $ 40,000;  What's the next move?
Bitcoin price chart (1 week bitcoin / dollar market review)

In the one-week market outlook, the Relative Strength Index (RSI) is still rising above the level of saturation we saw earlier in March 2020. Until $ 30,000 support is lost, the current state of the Relative Strength Index can maintain short-term buyers active in the market.

On the other hand, if support between the $ 28,000 and $ 30,000 zone is further breached, the price may experience a deeper decline; Just like in 2018, when the price fell significantly from the historic peak of that time by 80%.

Post Bitcoin falls below $ 40,000; What’s the next move? appeared first for currency.

Leave Your Comment

Your email address will not be published.

Supportscreen tag