Bitcoin Price Prediction, Decoding the Chaos in BTC Price Landscape
- Bitcoin experienced a rapid 7.30% decline in the early Asian session, leading to the liquidation of $310 million in positions.
- Anticipate sustained volatility, particularly with the upcoming US Consumer Price Index (CPI) release and the Federal Reserve's interest rate decision this week.
- After eight weeks of continuous bullish momentum, Bitcoin's trend reversed, marked by a red candle, signaling a change in market sentiment and potential uncertainties on the horizon.
Bitcoin is down 8% from $45,000, but bulls remain staunch over $40K
According to Coingabbar Technical Analysis, Following an extended period of consolidation and unsuccessful attempts to surpass the $45,000 level, profit booking emerged in the BTC price.
On the 4-hour chart, a Double Top Formation breakout is anticipated, indicating a price decline.
Following a sharp fall from $44,000, BTC found support near $40,400, holding the $40,000 level.
BTC's support is derived from the Ascending Channel pattern.
After a decline, support from the 20-Day Moving Average led to a rebound towards the $42,000 level.
If BTC maintains $40,000 support, recovery is possible with a target at the next resistance of $45,000.
Conversely, a breach of $40,000 by bears may trigger panic selling towards $37,500, approaching the channel support.
KEY LEVELS :
RESISTANCE LEVEL : $42,600-$43,000
SUPPORT LEVEL : $41,700-$41,300
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
