Bitcoin Dives Below $41K, Why BTC Could Recover In Short-Term
Bitcoin gained bearish momentum and even declined below $41,000. BTC could recover if it manages to climb above the $40,000 pivot level. Bitcoin price struggled to recover above the $43,500 level. BTC started another decline and traded below the $42,000 support level.
The bears took control and pushed the price below the $41,000 level. There was also a clear move below the $40,000 support zone and a close below the 100 hourly simple moving average. The price traded as low as $39,240 and is currently consolidating losses.
An immediate resistance on the upside is near the $39,700 level. There is also a steep bearish trend line forming with resistance near $39,700 on the hourly chart of the BTC/USDT pair.
The first major resistance is forming near the $40,200 level. The next resistance could be near $40,400. A clear move above the $40,200 and $40,400 levels might start a short-term recovery wave. In the stated case, the price may perhaps rise towards the $41,350 resistance zone.
If bitcoin fails to clear the $40,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $39,250 level.
The next major support is seen near the $38,880 level. A downside break below the $38,880 support zone could increase selling pressure. In the stated case, the price could accelerate lower towards the $37,500 level in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USDT is now in the oversold zone.
Major Support Levels – $39,250, followed by $38,880.
Major Resistance Levels – $40,200 and $40,400.
The bears took control and pushed the price below the $41,000 level. There was also a clear move below the $40,000 support zone and a close below the 100 hourly simple moving average. The price traded as low as $39,240 and is currently consolidating losses.
An immediate resistance on the upside is near the $39,700 level. There is also a steep bearish trend line forming with resistance near $39,700 on the hourly chart of the BTC/USDT pair.
The first major resistance is forming near the $40,200 level. The next resistance could be near $40,400. A clear move above the $40,200 and $40,400 levels might start a short-term recovery wave. In the stated case, the price may perhaps rise towards the $41,350 resistance zone.
If bitcoin fails to clear the $40,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $39,250 level.
The next major support is seen near the $38,880 level. A downside break below the $38,880 support zone could increase selling pressure. In the stated case, the price could accelerate lower towards the $37,500 level in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USDT is now in the oversold zone.
Major Support Levels – $39,250, followed by $38,880.
Major Resistance Levels – $40,200 and $40,400.
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