Thu, March 28

Bitcoin (BTC) Price Starts to Fumble as Bears Dominate the Market

Bitcoin (BTC) Price Plummets, Raising Fear of Further Bear Dominance Editors News
  • Bitcoin may continue to decline if the $41,000 level of resistance is not broken soon.
  • Bitcoin has been down 3.67% in the last 24 hours.

The $41,500 resistance level was breached, but the price of bitcoin stayed considerably above it. BTC accelerated and broke over the $42,000 barrier. It even crossed $42,500 and the 100-hour simple moving average. Bulls failed to get beyond the $43,000 barrier, though. The price moved to the negative after a high was made around $42,950. The $42,000 mark was breached with a thud. In addition, the hourly chart of the BTC/USD pair saw a break below a solid bullish trend line with support at $41,250.

BTC/USDT: Source: TradingView

$41K Critical Barrier For Surge

The upward rise from the $38,750 swing low to the $42,950 high was retraced to 50% by the Fibonacci retracement level, which was broken down below. Bitcoin’s price 100 hourly simple moving average is presently below $41,000. As of this writing, the price is holding above the 61.8 percent Fib retracement level of the upward movement from the low of $38,750 to the top of $42,950. The $40,750 level serves as a near-term ceiling for the stock’s gains. The next major obstacle is the 100 hourly simple moving average (SMA), around $40,950.

The price must cross over the $41,000 level and the 100-hour simple moving average in order to begin a robust upward movement. Price might increase towards $41,800 if the bulls prevail. Bitcoin may continue to decline if the $41,000 level of resistance is not broken soon. The $40,250 level provides immediate downside support. If the price falls below the $40,000 support area on the downside, we might see a move below the $39,250 support area.

According to CMC, the Bitcoin price today is $40,417.40 USD with a 24-hour trading volume of $37,282,083,755 USD. Bitcoin has been down 3.67% in the last 24 hours.

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.