- Bitcoin saw extended drops beneath the support levels of $40K and $39.5K.
- The price hovers below $40K and 100-hour SMA.
- The hourly chart shows a vital bearish line merging with $39.5K resistance (Kraken data).
- The pair might see higher corrections, but $40K might limit further upside.
Bitcoin downswings saw the coin losing the vital support t $40K. Nevertheless, BTC corrects the losses but might encounter challenges around the $39.5K level.
BTC Price Still In Downtrends
Bitcoin price could not steady beyond the $42K support, triggering extended declines. The leading cryptocurrency traded under the $41.2K foothold, testing a bearish territory. However, the downswings saw momentum beneath the $40K mark and the 100-hourly Simple Moving Average. The coin even broke the support at $39.5K, exploring lower levels of $38K. For now, BTC corrects the losses while changing hands beyond the $38.8K mark.
Bitcoin tests the 50% Fibonacci retracement level of the latest fall to $38K lows from swing peaks of $40,450. Meanwhile, the initial resistance to the upside stands at $39.3K. The following hurdle stands at $39.5K. Also, BTC/USD’s hourly chart shows a vital bearish line emerging with $39.5K resistance.
The line sits near the 61.8% Fibonacci retracement area of the latest downside to $38Kk from $40,450. BTC primary resistance forms at the $40K mark. A decisive move past this level might trigger decent surges. BTC will have another resistance at $40,450 and 100hr Simple Moving Average, beyond which the token might climb toward $41.2K.
More Plummets in Bitcoin?
Bitcoin’s failure to recover past the resistance of $39.5K might lead to continued downswings. The crypto will discover the first support around the $38.5K zone. The following foothold stands at $38K. Losing this barrier might mean additional bearish strength, taking BTC towards the $36.8K lows.
The overall crypto spectrum contemplates recoveries after the latest fall. The global cryptocurrency market cap noted a 0.82% overnight surge, standing at $1.79 trillion. Keeping such developments might support Bitcoin’s revival. Nevertheless, bulls should prepare for hurdles amid the upside journey.
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