It’s all bearish again! There was a kind of relief yesterday after Bitcoin reclaimed its $41,000 range. All eyes were on Bitcoin as the crypto space was cautiously waiting for the king currency to break the $41,500 resistance level. However, bulls couldn’t hold that position for too long as Bitcoin declined once again dragging most of the cryptocurrencies on a red note.
Bitcoin Cuts Down On Profits
On April 14, Bitcoin did see a correction above the $41,000 resistance zone. As the flagship currency surpassed the $41,400 level, the currency strongly headed towards the $41,500 resistance zone.
However, bears were steadily waiting to crush the bulls at the $41,500 level. So as the bulls approached the $41,548 level, bears took over the charge and pulled back the Bitcoin price below the $41,000 level.
The price also saw sliding below the 50% Fib retracement level where the currency had recently surged from $39,269 to $41,548 high. As we look at the hourly chart given below, the BTC price also broke below a key bullish line with support which was set near $40,400.
At the time of reporting, Bitcoin is changing hands at $40,137 with a fall of 2.81% over the last 24hrs. The immediate resistance to Bitcoin now lies at $40,200 followed by the next resistance at $40,400 and if the bulls manage to clear this resistance, Bitcoin might regain the $41,000 range again.
On the flip side, if the Bitcoin bull fails to clear the crucial $40,400 resistance barrier, the price could undergo a fresh decline, and the immediate support zone for Bitcoin is positioned at $39,650. If the uncertainty continues, then the king currency will soon bottom at $39,250 after which the currency could undergo severe losses and turn down towards the $38,500 level or even $37,750.
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Source: https://coinpedia.org/price-analysis/bitcoin-risk-more-downtrend/