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Bitcoin (BTC) Faces Fresh Support At $39,500

The Bitcoin worth prediction exhibits BTC sliding in direction of the draw back because the cryptocurrency touches the $39,573 low.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key ranges:

Resistance Levels: $45,000, $47,000, $49,000

Support Levels: $36,000, $34,000, $32,000

Bitcoin Price Prediction
BTCUSD – Daily Chart

BTC/USD is dropping with one other lack of 2.80% right now because the cryptocurrency falls beneath the $40,000 assist degree to attain the every day low at $39,573. However, the every day chart reveals that $40,000 is a vital spot because it is anticipated to present sturdy assist for the coin.

Bitcoin Price Prediction: Bitcoin Price May Cross Below $39k

The Bitcoin worth begins to slide beneath the 9-day and 21-day shifting averages at assist offered by the pattern line of the channel. A breakdown beneath this might trigger the Bitcoin worth to create a brand new low beneath the $39,000 degree. However, a drop beneath the decrease boundary of the channel may very well be detrimental to Bitcoin because it may lead the primary digital asset in direction of the helps at $36,000, $34,000, and $32,000.

Moreover, if the patrons can rebound from the present assist degree of $39,995, the primary degree of resistance might lie at $42,000. Above this, additional resistance is anticipated at $43,000. This might seemingly comply with by the potential resistance ranges at $45,000, $47,000, and $49,000. Presently, the Relative Strength Index (14) is seemingly to cross beneath 40-level, indicating that extra bearish alerts would possibly come to play.

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BTC/USD Medium-Term Trend: Bearish (4H Chart)

According to the 4-hour chart, the Bitcoin worth is hovering at $39,365 buying and selling beneath the 9-day and 21-day shifting averages. However, if the bulls resolve to push the market worth again above the shifting averages, the king coin might seemingly hit the resistance at $42,000 and above.

BTCUSD – 4 Hour Chart

Moreover, it now seems that the cryptocurrency is prone to seeing additional draw back within the close to time period, because the a number of makes an attempt to shatter its $40,000 assist appear to point out that bears are constructing momentum. As the Relative Strength Index (14) stays beneath 40-level, the Bitcoin (BTC) might find the vital assist at $38,000 and beneath.

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