Bitcoin price followed a reasonable upward trajectory which was successful in stopping the downtrend the previous week, but towards the end of the week the price was dropping once again due to volatile market action. So, what levels can be seen now? Here are the experts’ comments…
Bitcoin price below $40,000: What’s next?
The leading cryptocurrency by market cap recently reached its ten-day high of around $43,000. Considering that the largest cryptocurrency has recently dropped to a monthly low of $39,000, as a result, Bitcoin’s market cap has dropped from $800 billion to $750 billion earlier this week. Bitcoin price was rejected and quickly reversed at its local peak of $40,000, as we reported on cryptokoin.com. Within a few hours, the asset’s value dropped to $40,000.
Despite strong control, Bitcoin price failed to hold critical levels of $41,500 and $40,000. The bulls will try to defend the $38,600 support level. In case the bulls make a comeback, the resistance level is set at $40,800. After the recent price drop, the RSI indicator for Bitcoin is currently trading at 40. According to Nidhi Kolhapur, an analyst, BTC has a strong negative momentum and if this level is broken, it will continue to decline as the asset approaches the oversold zone.
What’s next week?
A few bearish risks bothered the bulls and tied and changed the Bitcoin price, triggering long-term short-term profit taking. However, this week proved to be game-changing as BTC price had its best week in April and set the tone for the week ahead as bearish risks waned and tailwinds accelerated. According to this scenario, Bitcoin could prepare to break above $50,000.00 next week and recapture a few key levels to watch out for. BTC is changing hands at $39,725, below $40,000, up 0.2 percent at the time of writing.
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