Bitcoin Price At Make-Or-Break Moment, Key Levels To Watch

Jan 25, 2024 04:00 am Cryptocurrency 191

Bitcoin price started an upside correction from the $38,500 support zone. BTC could gain bullish momentum if it clears the $40,500 resistance zone.

Bitcoin price is attempting a recovery wave from the $38,500 support zone.

The price is trading below $40,000 and the 100 hourly Simple moving average.

There is a major bearish trend line forming with resistance near $40,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair might struggle to recover above the $40,400 and $40,500 resistance levels.

Bitcoin Price Attempts Recovery

Bitcoin price extended its decline below the $40,000 support zone. BTC even spiked below the $49,200 level and tested the $38,500 support zone. A new weekly low was formed near $38,518 and the price started an upside correction.

There was a recovery wave above the $39,200 and $39,500 levels. However, Bitcoin is now trading below $40,000 and the bitcoin price break moment levels watch