Can Bitcoin hold itself above the $40,000 level? Bitcoin Price Prediction

Can Bitcoin hold itself above the $40,000 level?

In spite of favorable occurrences, such as the U.S. Securities and Exchange Commission's approval of Bitcoin spot ETFs, Bitcoin faced substantial resistance leading to a noteworthy 15% decline.

Nevertheless, as the cryptocurrency nears a pivotal support area, there exists the possibility of a revived bullish momentum.

$40,000- Make or Break Level

Should the retracement persist, the $40K support zone is anticipated to play a pivotal role, potentially sparking a renewed bullish surge. Price has tried to break the $40,000 level 3 times in last 2 months.

50 EMA- A major hurdle

BTC broke past the 50 Day Exponential moving average. If the price keeps sustaining below the 50 EMA, it could trigger a fresh sell Rally. Price needs to break above it and sustain to begin a fresh rally.

On- Chain Analysis

Analyzing Bitcoin funding rates – a key indicator in futures market sentiment – reveals a significant decline despite the recent short-term correction. Notably, the metric still maintains positive values, indicating that the sentiment remains bullish. This cooling off of the futures market from being overheated suggests the potential for the price to resume its upward trajectory after completing the ongoing correction stage.

Conclusion

In the ever-evolving landscape of crypto trading, understanding Bitcoin's price movements is paramount. As we navigate the crypto seas, the interplay between resistance and support zones, coupled with insights from on-chain analysis, offers a comprehensive perspective on the current state of the market. Stay tuned for further updates as we monitor the crypto futures trading arena and decode the intricate dance of Bitcoin's price dynamics.

Frequently Asked Questions

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How can I check the price of Bitcoin(BTC) in India on Density Exchange?

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What are crypto futures in India?

Crypto futures in India are financial contracts that allow traders to speculate on the future price movements of cryptocurrencies like Bitcoin, Ethereum, etc. These contracts enable investors to profit from both rising and falling cryptocurrency prices.

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