Bitcoin (BTC) Drops to the $39K Support: What Next?

Bitcoin dropped to intraday lows of beneath $39K on Monday. That follows a late climb beyond the crucial resistance zone of $41,500. BTC struggled as market players enjoyed the long Weekend amid the Easter holiday.

The world’s dominant crypto, BTC, lost around $10,000 from its 2-week peak of above $48,000, its highest mark in over four months. Retreats over the past week saw BTCs forming a massive support barrier at $39,300 as buyers tried to control the losses.

Concerns about geopolitical and macroeconomic problems have persisted, discouraging some market participants. Russian president confirmed halting peaceful negotiations with Ukraine. Moreover, Putin highlighted that his military operation would continue.

BTC’s 200-day MA hindered the latest bullish run, translating to substantial price declines on technical charts. For now, bears dominate the market price, leading to swift plunges. That had Bitcoin breaking under the 50- and 100-day SMAs.

For now, BTC can secure reliable support at demand zones of $37,000 and $34,000. However, the bellwether crypto can resume uptrends if it steadies beyond the near-term dependable support of $37,000. The upward journey may take the bellwether crypto towards the resistance of $45K.

Bitcoin Might Plunge to $33,000

Further weakness can see BTC exploring the crucial demand territory at $33K. The crypto lost over 15% over the past week, prompting an indicator to suggest the marketplace entered a ‘severe anxiety’ period.

The price fall emerges as the broad market sees a global financial downturn due to geopolitical issues and uncertainty about tighter monetary policy by the US Fed Reserve.

A long-term BTC supporter trusts BTC can double over the next two years regardless of the current weak performance. Peter Brandt predicted as he replied to Turr Demeester’s tweet. Meanwhile, the enthusiast stated that BTC could double its value over the coming two years or extend its sideways trend for a long. However, a seasoned investor had forecasted BTC’s ‘rocked stage’ would start in 2024.

The overall crypto spectrum flashes the weakness of crypto assets. While publishing this content, the global crypto market value stood with a 3.74% 24hr loss at $1.81 trillion.

Leave a Comment