Bitcoin Price Prediction: BTC Freefall, All Eyes on Critical Support

Bitcoin Price drops to $40K as post-ETF correction intensifies.

• Bitcoin attempted a recovery above the $43,500 resistance but faced resistance, signaling a short-term top.

• Bitcoin Price declined, breaking below the $42,200 support zone.

• Further extending its downward movement, Bitcoin fell below the $41,500 support level.

• Bearish momentum strengthened as Bitcoin struggled below the $42,500 zone.

• BTC is displaying signs of a bearish trend, facing challenges to remain above the critical $40,000 support.

• Last night witnessed a 3.20% drop in Bitcoin prices, testing the pivotal bullish defense at the 50% Fibonacci level.

• Yesterday, BTC broke below the Channel pattern, signaling further selling pressure.

• The rounding bottom pattern is facing pressure as sellers prepare to establish a second consecutive bearish candle.

• Coin Gabbar analysis reveals that the recent decline in BTC price is testing the zone with multiple reversal points, with sellers gaining control over the 50-Day MA.

KEY LEVELS :

RESISTANCE LEVEL : $41,800-$42,400

SUPPORT LEVEL : $40,800-$40,000

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