Bitcoin Price Prediction: Recovery or Deeper Dip Looms Ahead

Bitcoin hits 7-week lows; traders caution on worsening outlook.

• Bitcoin Price experiences a slip below $40,000 as bearish forces take control, creating turbulence within the crypto space.

• The strength of BTC bears becomes evident as they exert pressure, driving the price below the critical $40,000 support zone.

• Bitcoin's value maintains a bearish trend below $42,000, with bears assuming a leading role in dictating the market dynamics.

• BTC consolidates losses, facing downside risks below $38,500.

• Bearish momentum strengthens below $40,500, creating challenges for Bitcoin's recovery.

• BTC's correction above $40,000 faces resistance, with bears remaining active near $40,500.

• Weekly chart signals BTC bears in control for the past three weeks, losing grip on the rally.

• Coin Gabbar analysis reveals that, BTC forms a Doji candle in the weekly chart, indicating uncertainty and potential reversal.

KEY LEVELS :

RESISTANCE LEVEL : $40,500-$41,000

SUPPORT LEVEL : $39,400-$38,700

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