$40K Support Levels Awaits for Bitcoin Price, While Bearish Momentum May Expand to $32K!
Bitcoin price attempted to give a ray of hope by again surging beyond $42,000 but it remained only for a short period of time. The bears quickly jumped in the ring and brought back the price close to the crucial support levels. Currently, the possibility of an interim bounce may be expected but in a longer time frame, the probabilities of the BTC price dumping beyond $40,000 appear pretty clear.
Ever since the crypto space witnessed extreme sell-offs a couple of days before, BTC price squashed the upper targets beyond $50K in the short term. However, the current market trend or the direction of the price movement signifies, more plunge is expected to come ahead. The most dominant crypto is not only expected to drop around $38,000 but much beyond these levels.
Bitcoin Price Downtrend Continues
Bitcoin price fell into a deep bearish well ever since it smashed the ATH very close to $70,000 levels. Many expected the price to rebound finely and resume its bull run towards the set target at $100K, yet the bearish trend squashed the expectations. Bitcoin during the extreme downtrend broke down from the uptrend line. Despite multiple attempts yet the price could not regain its position above the trend line.
With multiple failed attempts, the BTC price now appears poised to break down from the crucial support zones around $40K to $41K levels. Once these barriers are broken, the market may tend to fall into a deep bearish trap that may further drag the price towards the next support level below $32,000.
The main reason for this huge plunge could be the deep bearish market sentiments which are now been slowly developing. As Bitcoin losses the $40K crucial zones, the market is expected to come to a stand-still position for some time, where-in the buyers may fear to enter. Moreover, the whales and the institutions are also expected to be calm and hence the retail traders may also wait for the asset to drop towards more lower levels to jump in.
And hence the current lower trend is expected to prevail for some more time, maybe a fortnight or more. The next trend may remain pretty much misty until Bitcoin(BTC) price decides a break-down or a rebound from the current consolidation.Source