Bitcoin (BTC) Price Prediction: BTC/USD Retests Crucial Support Twice as Bitcoin Rebounds Above $40k

Bitcoin Fluctuates in a Narrow Range as Bitcoin Rebounds Above $40k

Undoubtedly,

BTC/USD – Daily Chart
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Today, the market declines to $40,804 as bulls buy the dips. The range-bound move has resumed as buyers push Bitcoin to the upper price level. If the bears have broken the current support and the bearish momentum is sustained, the downtrend would have resumed. BTC price will drop to $37,000 low. The selling pressure will extend to $30,000 if the $37,000 support cracks. Conversely, our bearish scenario may be wrong if buyers breach the $45,000 and $48,8000 resistance levels. BTC/USD will rally to the $52,750 price level.

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 Bitcoin (BTC) Price Prediction: BTC/USD Retests Crucial Support Twice as Bitcoin Struggles Above $40k
BTC/USD – 4 Hour Chart

Meanwhile, the BTC price making an upward move but the uptrend was resisted at the high of $42,600 as Bitcoin rebounds above $40k. The bears are gradually pushing BTC’s price to the low of the $40,000 support. In previous price action, BTC price rose to $44,000 or $45,000 price levels. This is an indication that a breakdown is imminent.

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