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  • BTC shows a bearish signal under the vital zones of $40K and $39K.
  • The world’s largest crypto hovers under $39.5K and 100 hourly Simple Moving Average.
  • BTC/USD’s 1hr chart shows a vital bearish line developing with $38,550 resistance.
  • Bitcoin might dip further if it fails to push past $39,550.

Bitcoin trades within a bearish territory beneath $39K. The bellwether crypto may fall further if it extends the struggle under the $39.5K mark.

BTC Price Still Struggle

Bitcoin maintained its price actions within a bearish region under the crucial support of $40K. The dominant crypto tried a recovery move from $38.5K but could not overpower the resistance area of $39,550.

Recently, the crypto witnessed another downside move from the resistance of $39,550 and 100hr Simple Moving Average. That had BTC on a smooth drop under the support levels of $38.8K and $38.5K. Such bearish actions saw Bitcoin breaching beneath the $38K support level.

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Bitcoin printed a low of around $37,627 and consolidated losses at the moment. Meanwhile, the crypto moves higher, exploring levels beyond the 23.6% Fibonacci retracement area of the latest plunge from a swing high of $39,499 to $37,625.

Upside actions by BTC will meet the initial resistance at $38,550. Furthermore, the 1hr chart shows a critical resistance line emerging with the resistance of $38,550. The trend-line corresponds with the 50% Fibonacci retracement are of the latest plunge from $39,499 to $37,625.

A decisive move past the resistance around $38,550 might see Bitcoin climbing higher. The following hurdle stands at the $39,550 mark, beyond which BTC might ride extended upsurges. That way, the bellwether crypto can rise to challenge the $40K resistance area.

Further Downtrends in Bitcoin?

Bitcoin can suffer continued downswings if it fails to overcome the resistance of $38,550. Downward price actions will secure the first support around the $37.5K mark. More plunges will hit the foothold at $37,650. Meanwhile, Bitcoin’s primary support stands near $37,150. A break beneath this support might see BTC gaining bearish momentum. In such a case, the crypto might plunge towards $36.5K or even $36K.

Technical Indicators

Support levels: $37,650, then $37,150

Resistance levels: $38,550, $39,550, and then $40,000

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Nathan Ferguson

By Nathan Ferguson

Nathan Ferguson is a talented crypto analyst and writer at Herald Sheets, dedicated to delivering comprehensive news and insights on the ever-evolving digital currency landscape. With a strong background in finance and technology, Nathan's expertise shines through in his well-researched articles and thought-provoking analysis. He holds a degree in Economics from the University of Chicago, and his passion for cryptocurrency drives him to stay up-to-date with the latest industry trends and developments.