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Bitcoin (BTC) Price Analysis: Struggling Below $40,000, What Are The Key Levels? – 14 March 2022

Bitcoin continues to struggle
 Bitcoin (BTC) Price Analysis: Struggling Below $40,000, What Are The Key Levels?  – 14 March 2022
READING NOW Bitcoin (BTC) Price Analysis: Struggling Below $40,000, What Are The Key Levels? – 14 March 2022

Bitcoin continues to struggle. According to technical analysis by NewsBTC’s Aayush Jindal, bearish momentum could gain if it continues struggling below $39,500.

Bitcoin Struggles

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Bitcoin price continues to struggle below the $40,000 support zone. BTC attempted a recovery wave from the $38,500 region but remained below the $39,550 resistance.

BTC broke a fresh decline from the $39,550 resistance zone and the 100 hourly simple moving average and is consolidating losses after forming a bottom near $37,625. It is trading above the 23.6% Fib retracement level of the recent decline from the $39,499 low to $37,625 high.

There is also a key bearish trend line forming with resistance near $38,550 on the hourly chart of the BTC/USD pair. The trend line coincides with the 50% Fib retracement level of the recent decline from the $39,499 high to $37,625 high.

If there is a clear move above the $38,550 resistance zone, the price could move higher. The next major resistance is near the $39,550 level, above which there are good chances of a rise. In the stated case, the price may even attempt to climb above the $40,000 resistance zone.

Will Bitcoin Drop?

Jindal says that if Bitcoin fails to break through the $38,550 resistance zone, it may continue to move lower. An immediate support is near the $37,800 zone. The next major support is seen near the $37,650 level. The main support is near the $37,150 level. If there is a downside break below the $37,150 support, it could gain bearish momentum. In the stated case, it could decline towards the $36,500 or even $36,000 level.

What Do Technical Indicators Say?

  • Hourly MACD – The MACD is now losing momentum in the bearish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
  • Major Support Levels – 37,650 followed by $37,150
  • Major Resistance Levels – 38,550, 39,550 and 40,000

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