BITCOIN PRICE TURNS RED

Bitcoin price remained in a bearish zone below the $40,000 support zone. BTC extended its decline and traded below the $49,200 level. Finally, it tested the $38,500 support zone, as discussed in yesterday’s post.

A new weekly low was formed near $38,518 and the price is now correcting losses. It is slowly recovering above the $39,000 level. It cleared the 23.6% Fib retracement level of the downward move from the $42,260 swing high to the $38,518 low.

Bitcoin is now trading below $40,000 and the 100 hourly Simple moving average. Immediate resistance is near the $40,000 level. The first major resistance is near the $40,350 level or the 50% Fib retracement level of the downward move from the $42,260 swing high to the $38,518 low.

There is also a key bearish trend line forming with resistance near $40,450 on the hourly chart of the BTC/USD pair. A clear move above the $40,450 resistance could send the price toward the $40,850 resistance. The next resistance is now forming near the $41,250 level. A close above the $41,250 level could push the price further higher. The next major resistance sits at $42,000.

ANOTHER DECLINE IN BTC?

If Bitcoin fails to rise above the $40,450 resistance zone, it could start another decline. Immediate support on the downside is near the $39,400 level.

The next major support is $39,000. If there is a close below $39,000, the price could gain bearish momentum. In the stated case, the price could revisit the $38,500 support in the near term.#BTC #BTCETFSPOT #BTC-ETF #BTCvsRecession #BTC.price.surpassed