Journalist
Posted:
- BTC has a strong support level near the $40,000-level
- If coin’s price drops below that level, it might sink to $38,000
Bitcoin [BTC] has somewhat managed to stabilize its price after a quick price correction that happened a day ago. However, while considering future prospects, it’s important to take a look at the worst. If the king of cryptos registers another price correction, its value might fall all the way to $38,000.
Bitcoin’s price is stabilizing
Bitcoin caught the attention of investors once it again went past the $40,000-mark recently. However, this uptrend wasn’t to last, with BTC soon recording a correction on the charts. Here, it’s worth noting that after a bout of volatility, the last 24 hours saw the crypto fall by just 1%.
At the time of writing, Bitcoin was trading at $41,814.05 with a market capitalization of over $818 billion. Ali, a popular crypto-analyst, recently pointed out that there are chances of BTC falling under $40,000 towards the $38,000-mark if price correction begins in earnest again.
In case of a deeper correction, #Bitcoin finds solid support between $37,150 and $38,360. This zone is backed by 1.52 million addresses holding 534,000 $BTC.
Also, watch out for two resistance walls that could keep the #BTC uptrend at bay: one at $43,850 and another at $46,400. pic.twitter.com/NGm1XpMOLf
— Ali (@ali_charts) December 11, 2023
To validate the same, AMBCrypto had a closer look at the coin’s on-chain metrics to better understand whether investors should expect BTC to fall to that level before this year ends.
Expectations galore with BTC
As per our analysis, BTC has built a massive resistance level near the $44,000-level, especially as liquidation levels increased during that period. However, there is also a strong support level at $40,000, a level that is clear from the fluorescent lines towards the bottom of the chart.
Source: Hyblock Capital
AMBCrypto then had a look at BTC’s market sentiment to check the possibility of BTC being unable to rebound from its support level near $40,000. We found out that selling pressure on the coin was high as its exchange reserve was increasing.
As per CryptoQuant, Bitcoin’s aSORP was also red, meaning that more investors have been selling at a profit. In the middle of a bull market, it can indicate a market top.
Additionally, both its Coinbase premium and Korea premium were in the red, clearly suggesting that selling sentiment among U.S and Korean investors is relatively high now. Whenever selling pressure rises, it increases the chances of a price drop.
Source: CryptoQuant
Is your portfolio green? Check the Bitcoin Profit Calculator
Finally, on the price charts, BTC’s MACD flashed a bearish crossover. On top of that, its Money Flow Index (RSI) also registered a downtick, increasing the chances of a price decline in the days to come.
Source: TradingView
clomiphene other name buying cheap clomiphene price clomiphene order generic clomid without dr prescription cost of generic clomid without insurance where to get generic clomiphene no prescription can you get cheap clomid pills
Greetings! Utter gainful recommendation within this article! It’s the scarcely changes which wish obtain the largest changes. Thanks a quantity towards sharing!
Greetings! Utter gainful suggestion within this article! It’s the petty changes which liking espy the largest changes. Thanks a lot towards sharing!
buy zithromax paypal – ofloxacin price flagyl 200mg pills
semaglutide 14mg tablet – buy periactin paypal periactin 4mg cost
buy generic motilium for sale – purchase cyclobenzaprine generic how to buy flexeril
buy generic inderal online – buy methotrexate 2.5mg online cheap buy methotrexate cheap
where can i buy amoxicillin – oral ipratropium generic ipratropium 100 mcg
order azithromycin online – nebivolol 20mg oral buy nebivolol generic
purchase amoxiclav online cheap – atbioinfo.com order ampicillin online
nexium 20mg drug – anexa mate where to buy esomeprazole without a prescription
coumadin 2mg oral – coumamide brand cozaar 25mg
purchase mobic generic – https://moboxsin.com/ meloxicam 7.5mg sale
prednisone 40mg us – https://apreplson.com/ buy deltasone 5mg online cheap
blue pill for ed – fast ed to take site ed pills that work
buy amoxicillin generic – https://combamoxi.com/ brand amoxicillin
order diflucan – site order diflucan 200mg pill
buy lexapro pills – https://escitapro.com/ lexapro 10mg pill
buy cenforce generic – https://cenforcers.com/# order cenforce sale
tadalafil liquid review – https://ciltadgn.com/ best price cialis supper active
buy cialis on line – https://strongtadafl.com/ e-cialis hellocig e-liquid
buy ranitidine generic – https://aranitidine.com/# buy zantac without prescription
sildenafil 50 mg – buy generic viagra new zealand buy viagra uk paypal
Greetings! Extremely productive suggestion within this article! It’s the crumb changes which choice espy the largest changes. Thanks a quantity quest of sharing! https://gnolvade.com/
I am actually happy to gleam at this blog posts which consists of tons of of use facts, thanks for providing such data. buy generic zithromax online
More posts like this would add up to the online time more useful. https://ursxdol.com/propecia-tablets-online/
This is the kind of content I get high on reading. https://prohnrg.com/product/diltiazem-online/
This is the stripe of serenity I have reading. acheter propecia generique en ligne
Thanks on putting this up. It’s well done. https://ondactone.com/simvastatin/
Thanks towards putting this up. It’s okay done.
https://doxycyclinege.com/pro/dutasteride/
I’ll certainly bring back to review more. https://lzdsxxb.com/home.php?mod=space&uid=5057532
pill dapagliflozin 10mg – forxiga 10 mg without prescription buy forxiga 10mg online
buy orlistat no prescription – this buy generic orlistat 120mg
This is a keynote which is near to my fundamentals… Many thanks! Quite where can I lay one’s hands on the connection details for questions? http://seafishzone.com/home.php?mod=space&uid=2331666