After Bitcoin (BTC) fell below $40,000 for a second trading day while the United States grappled with the crisis, extreme panic reigned once more in the cryptocurrency community.
On the lower time frames, Bitcoin is currently trading slightly below $40,000 and is struggling to establish bullish momentum. Over the last few days, the price has been swiftly falling and is unable to find adequate support at any level.
What are the nxt key levels for BTC?
The $40,800 level will be the first to be reclaimed by Bitcoin, according to Bitcoinsensus. It’s a zone that’s previously served as both support and resistance, and a break above it might signal a comeback. If the price spikes at this point, the currency will need to recapture the $42,100 level.
According to Michael Van De Poppe, the next level of support for Bitcoin is $32,000, with possible upside to $42,000. To avoid a sweep of the lows below $32K, he believes the currency must stay above $38K.
The analyst said that BTC is still holding above the crucial green block in the chart below, pointing to the green block. If that doesn’t hold, he believes we’ll see a test of the lows, possibly below $33,000. Right now, we have $42K in the bank to bounce.
Bitcoin price analysis
Bitcoin’s price continued to fall after breaking below $40,250. There was a significant drop below the $40,000 mark. The price fell below $39,400 and was tested at $39,200. It has since recovered its losses and is trading over the $40,050 mark.
The bulls are up against resistance near the $40,850 level on the upside. Near the $41,000 level, the first substantial barrier exists.
A rise above $41,000 might push the price to the primary resistance level of $41,800. On the downside, the price may attract bids in the $40,000 range.
The next key support is near the $39,400 level, below which a slide to $38,500 is possible.
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Source: https://coinpedia.org/price-analysis/this-is-when-bitcoin-traders-can-expect-fresh-rally-heres-what-next-for-btc-price/