At the moment, BTC trades beneath $40K against USD. However, the asset could surge progressively with some downward movements.
BTC-USD Long-term Trend – Bearish
Key levels
- Support Areas – $34K, $32K, $30K
- Resistance Areas – $47K, $49K, $51K
After a tight trade over the past few weeks, coupled with low volatility, BTC/USD remains wild currently. BTC price surged to trade over the $40K and $41K resistance levels against the United States dollar. Moreover, the favorite coin exceeded the $41K support, trading at $41,076, before retracing lower. For now, the coin’s value declined to $39,913 on 9-d and 21-DMA.
Would Bitcoin Hit $41,000 Once More?
BTC’s price has not crossed over the upper border of its trading way at the moment. The coin could create a vital uptrend over the channel at $38,500 support on the chart.
However, if the drop occurs beneath the 21-day and 9-day moving averages, BTC might continue its downtrend to the $36,000 zone. Any loss from there can push the leading coin down to the $35,000 support level.
While writing this, BTC/USD dipped slightly to trade at $39,563. Any further decline can send the BTC market to the vital supports at $34K, $32K, and $30K. That means that you can expect the coming purchasing pressure to have resistance at $47K, $49K, and $51K if the market manages to rebound. Meanwhile, the RSI over the 50-level indicates a bullish attitude in the Bitcoin market.
BTC Medium-Term Trend
The BTC market seems to have fewer bulls to overcome the $41,000 resistance level. That indicates a consolidation struggle, translating to indecisiveness in BTC price over the last few hours today. However, if BTC’s price manages to cross over the channel, it can find resistance above $43,000 as the RST stays over 60-level.
According to the current market situation, crypto fans expect BTC to break out. The leading coin seems to show recovery signs after struggling for weeks. Do you think that the asset will recover its losses? How long would that take? Moreover, can you invest in BTC at the moment? Anyone planning to venture into the BTC, for now, has to be extra careful. The market expects any price movement.
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