The crypto industry has been swinging in lockstep with Bitcoin price changes for the past several days. While other altcoin markets are more lively, the BTC price trend is becoming increasingly repetitive.
The price of Bitcoin (BTC) is in a correction and is trading below its moving averages, putting it at risk of a new low of $39.6k. The bulls are attempting, but failing, to keep the BTC price above the $43k high at the bottom of the chart due to selling pressure. On the other side, the bears are attempting to knock Bitcoin below the $41k support level.
BTC has already tested the psychological level of $40k, yet bulls have pounced on dips. Long candlestick tails signal the psychological price level. These candlesticks indicate that there is significant buying demand at certain levels.
The resistance levels are $70k, $75k, and $80k.
Support levels: $50k, $45k, and $40k
Bitcoin is currently trading in a narrow band of $41k to $42.7k dollars. BTC buyers have battled to keep the price above $42k, but they have held the $41,000 support. For the preceding 48 hours, the bears and bulls have been fighting for price. The bears hope to drive the price of bitcoin down to $39.6k, a key support level.
As a result, the bulls have been buying the dips as the price fluctuates between $41k and $42.7k. The bottom line is that the market will collapse to a low of $39.6k if it falls below $41k support.
Two things might happen at the $39,600 support level. A rally to $47k is likely if the price rises. It’s possible that the upward trend will continue. Second, if Bitcoin’s price falls below the $39.6k support line, it will hit a $30k low.
On Twitter, Amsterdam-based popular cryptocurrency expert Michal van de Poppe predicted that Bitcoin would continue to rise if it flipped the upper range between $42.4k and $42.7k.
Otherwise, he expects it to retest the $39k-$40k region in search of a possible positive divergence.