Bitcoin (BTC) Keeps Upside Support; What Might Trigger Sharp Drop

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  • Bitcoin trades well past the foothold of $40K.
  • The price hovers beyond $39.8K and 100hr Simple Moving Average.
  • BTC’s 1hr chart shows a bullish trend-line emerging with support of $40,050.
  • A decisive move beneath $39K support levels might see the pair of a sharp downswing.

The world’s leading crypto kick-started new upswings beyond the resistance at $41K. Bitcoin struggles around $41.5K but remains beyond the $40K foothold.

BTC Price Still Supported

Bitcoin price stayed beneath the resistance level of $41.5K. The crypto created a high of around $41,470 and moves lower at the moment. The downswings had BTC losing the levels of $41K. Furthermore, Bitcoin traded beneath the 23.6% Fibonacci retracement zone of the upside action from $39,311 to $41,470. Nevertheless, the price still hovers well past $39.8K and 100hr Simple Moving Average.

The digital coin trades near the 50% Fibonacci retracement area of the upside move from $39,311 to $41,470. Also, the hourly chart shows a vital bullish line developing with the support of around $40,050.

BTC faces the initial resistance to the upside around $41K. The following resistance stands around $41.5K. A successful move and close beyond $41.5K may launch a stable upswing for the crypto. Such a scenario might see BTC climbing towards $42K. Further gains will see the world’s dominant crypto exploring $42.5K in the short term.

Downside Break by Bitcoin?

Bitcoin might endure continued downtrends if it fails to conquer the resistance at $41.5K. Downward actions will discover the initial support floor around the $40,350 mark. Losing footing here will see Bitcoin around the crucial zone at $40K. The primary support remains near $39K and 100hr SMA. Violating this foothold might trigger extended downswings for Bitcoin. The bellwether crypto might dip towards the $37.5K zone.

Though Bitcoin holds critical support, the leading crypto seems prone to downswings. The market is yet to recover from the latest downbeat triggered by inflation and geopolitical crisis. Nevertheless, experts believe a massive bullish run is in play, and uptrends may emerge soon.


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