Bitcoin (BTC) seems to be showing some weakness recently with the BTC price dropping 7% and slipping under $40,000. As of press time, Bitcoin is trading at $39,866 with a market cap of $782 billion.
Key Bitcoin Price Levels to Watch
In a recent analysis, crypto analyst Ali Martinez highlights a crucial level to monitor for Bitcoin’s price trajectory. According to Martinez, a close below $38,000 on the weekly chart could serve as an indication of a possible downturn for Bitcoin ($BTC), with the next target being the robust support cluster around $33,000.
Courtesy: Ali Martinez
This critical support area amalgamates several essential technical elements, including the lower boundary of a parallel channel, the 0.5 Fibonacci retracement level, and the 50-week simple moving average. The convergence of these factors establishes a formidable line of defense that has the potential to impede further declines in Bitcoin’s price, providing a key level for market participants to observe closely
We współpracy z: https://coingape.com/bitcoin-btc-price-close-under-38000-can-trigger-another-15-20-correction/
