Bitcoin Price Prediction – Why $38K Could Underpin BTC/USD
Bitcoin has begun a new decline against the US dollar, falling below the $40,000 level. BTC’s losses could be extended if it remains below the $40,000 resistance level. BITCOIN began a new decline after failing to break through the $40,000 resistance zone. The price is currently trading below $39,500 and the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $39,500. If the pair closes below $38,800, it could begin a major decline.
Bitcoin Gaining Bearish Momentum
Bitcoin’s price fell below $40,500, putting it in a bearish zone. BTC moved into a bearish zone after trading below the $40,000 support level and settling below the 100 hourly simple moving average.
The price dropped below the $39,200 support level. The price has formed a low near $38,700 and is now consolidating losses. On the upside, immediate resistance is near the $39,500 level. On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $39,500.
The next significant resistance level could be $39,700, or the 23.6 percent Fib retracement level of the recent drop from the $42,950 swing high to the $38,700 low. Near the $40,000 level, the first major resistance is forming. The main resistance is around $40,500 and the 100 hourly simple moving average. To begin a strong upward move, the price must settle above the $40,500 zone and the 100 hourly simple moving.
In this scenario, the price could even surpass the 50% Fib retracement level of the recent decline from the $42,950 swing high to the $38,700 low.
More Bitcoin Losses?
If Bitcoin fails to break through the $40,000 resistance level, it may continue to fall. On the downside, there is immediate support near the $39,000 level.
The next significant support level is seen near $38,800. If the price falls below $38,800, it may move towards the $37,500 support zone. Good luck!
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