In the current market panorama, Bitcoin is approaching a critical moment, touching its level at $39,947. The cryptocurrency faces initial resistance at US$40,884.
In a very active market, the latest rise of bitcoin until the US$40,000close to 1% this Thursday, has investors and analysts recalculating their predictions about the price of the largest cryptocurrency by market capitalization.
This rally comes amid a series of significant developments: Chinese investors, driven by stock market dynamics, are increasingly participating in Bitcoin despite its banned status in the country. Meanwhile, Ethereum remains above US$2,200 for now.
Bitcoin Price Prediction
In the current market panoramaBitcoin is approaching a critical moment, touching its level at US$39,947. Cryptocurrency faces rinitial existence at US$40,884, with additional obstacles at US$41,791 and an even more significant one at $43,394 that could stop any price increase.
On the other hand, Bitcoin support levels are positioned at $38,618, with additional safety nets at $37,638 and $36,745 in case the price declines.
Technical patterns, including a prominent double top formation with resistance near $39,950, could indicate a decline if Bitcoin fails to breakout to the upside. In the current situation, the general sentiment towards Bitcoin’s trajectory is trending downwards, especially if you can’t stay above the crucial level of US$40,000.
Source: Ambito
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