Bitcoin ($BTC) faces a crucial battle between bulls and bears around the $40,000 level.
Currently recovering from the $38,500 support, BTC aims to overcome obstacles at $40,400 and $40,500 resistance levels.
The price, hovering above $39,750, is actively trying to surpass $40,000, but bears are impeding progress.
Optimism exists for bullish momentum if $BTC clears the $40,500 resistance zone.
The 50-hourly Simple Moving Average at $39,750 holds technical significance.
A Spinning Top pattern on the daily chart suggests potential bullish momentum.
Investors await the outcome of the #FOMC meeting on January 30-31, introducing an element of uncertainty.
Coin Gabbar analysis focuses on whether btc price can surpass $40,500 or face additional challenges ahead.
CoinGabbar analysts predict that #Bitcoin price prediction 2040 will approach $200,000.
KEY LEVELS :
RESISTANCE LEVEL : $40,700-$41,400
SUPPORT LEVEL : $39,600-$38,800
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
