Bitcoin falls below $ 40,000; What is the next move?

Yesterday, the price of Bitcoin fell below $ 40,000 again after a long time. Now the price is back above this level; But we still can not say for sure about the next move of bitcoin.

To Report The Bitcoin market is still in a short-term downturn that began in November 2021 and is currently about 40 percent away from the $ 69,000 high. Bitcoin is currently hovering near the $ 40,000 level, and the strongest support on the price line is the $ 30,000 level, which served as a price floor during 2021.

The situation of momentum indices remains negative, which could be a sign of stable sales pressure in the past month. In addition, Bitcoin has not been able to break the 40-week moving average resistance of $ 45,724 in recent days, indicating that the market is in the hands of traders.

In the one-week market outlook, the Relative Strength Index (RSI) is still rising above the saturation level we saw earlier in March 2020. As long as $ 30,000 support is not lost, the current state of the relative strength index can keep short-term buyers active in the market.

On the other hand, if the support between the area between $ 28,000 and $ 30,000 is broken further, the price may experience a deeper fall; Just like in 2018, when the price dropped significantly from the historical peak of that time by 80%.