Will Bitcoin Drop Below $40K or is a Major Bounce in Play? (BTC Price Analysis)
🔍 Technical Analysis:
Bitcoin's recent rally has been impressive, hitting new highs on the daily chart. However, signs of consolidation suggest a possible correction. Key levels to watch: $40K support, potential drop to $38K or the 200-day MA at $32K. RSI still bullish, aiming for $48K resistance.
⌛ 4-Hour Chart:
A triangle pattern is forming above $40K. A downside break might lead to $38K, while a bullish breakout could surge toward $48K. RSI above 50% hints at potential bullish momentum.
🔗 On-Chain Analysis:
Bitcoin NUPL indicates rising unrealized profits, a classic sign of a bull market. However, caution is advised as NUPL reaches levels seen at the last all-time high. Profit realization by investors could lead to a temporary dip. Timing is crucial; entering now might face short-term correction risks.
📊 Stay Informed, Stay Cautious!
