Bitcoin price plummeted disastrously by more than 20% as per the value of the US Dollar. However, there is a ray of hope for Bitcoin traders and investors as Bitcoin price perseveres to increase from $30,000 to $40,000 mark again. At present, there is a bearish trend in the Bitcoin market as the price is hovering at around $39,000, as revealed by the BTC/USD hourly price charts. Experts think that the price of Bitcoin shall acquire a bullish pattern as soon as it reaches the $40,000 mark. Even though the Bitcoin price fell below 20% yet, it is now correcting itself to break through the resistance zone at $35,000. The price witnessed another break at almost 50% at the Fib retracement level ever since its dip from the $45,775 mark.
The price drop happened due to the steps taken by the Government of China for the imposition of restrictions on crypto exchange forums. However, the price has been under pressure for a week now due to Tesla’s reversal on accepting Bitcoin payments.
Nonetheless, the Bitcoin market is still not completely secured against risks. If the Bitcoin price fails to exceed the resistance levels of the $39,200 or $40,000 markers, there will be a steep decline in prices again. It is advised to keep an eye on the technical indicators to prevent further losses. The Hourly MACD indicates that there is a bullish trend in the market. It is possible that the RSI of the BTC/USD pair may exceed the 50% level. There are favorable support levels at $34,000 and $36,000, and these can make the Bitcoin Price surge if it can break through the resistance at $39,000, $40,000, and $42,000.