Bitcoin price analysis: Return to over $ 40,000 or fall to $ 30,000?

Two days ago, bitcoin fell below $ 40,000; This level is located near the middle axis of the canal, where the price fluctuates for about three months. The recent downward trend in bitcoin may face customer support at a price of $ 37,500. As the market grows, $ 46,000 is expected to act as a key price resistance.

According to the Coin Desk, bitcoin is currently trading at about $ 39,700 and the market has not changed significantly in the last 24 hours. Since the beginning of 2022, bitcoin has lost about 17% of its value, while the S & P500 stock index fell by only 9% and the value of gold on world markets has increased by 6%.

Confidence in Bitcoin’s uptrend last week was shattered on Thursday. Such price movements are usually observed before a downward trend. However, in the one-week market outlook, the outlook for bitcoin remains slightly positive and this may be a sign that prices will continue to fluctuate over the next few days.

Bitcoin price analysis: Return to over $ 40,000 or fall to $ 30,000?
Bitcoin price chart; 1-week review of the bitcoin / dollar market.

The state of most technical indicators is considered neutral, but as the weakness of the recent uptrend can be clearly seen in the one-month outlook for the bitcoin market, the price of bitcoin is likely to continue to fall below last year’s range. It oscillates. In addition, the increase in sales orders compared to purchase orders over the last few days shows that investors are less likely to enter long trading positions (buying) after the uptrend in 2020.

The slope of the 100-week moving average (MA 100 – green line image), which is currently at $ 35,693, is rising and it can be said that its upward trend remains unchanged. Interruption of this important support could further lead to a deeper price drop to the support area between $ 27,000 and $ 30,000.

The publication Analysis of the price of bitcoin: Return to over $ 40,000 or fall to $ 30,000? appeared first for currency.

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