Bitcoin prices broke above $40,000, but they quickly retreated, before repeating this process multiple times. Analysts comment on what's next for the digital currency.
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Should the digital currency move lower, “traders should watch for key support levels at $38,000 and $38,500, which have both been price levels that have shown foundational support for Bitcoin more times than once in its recent past,” said Iadeluca., also chimed in. “I’d also say that we’d see an even stronger resistance around the $45,000 and $50,000 levels, which were the tops in February, March, and April this year,” said Sifling.
He stated that bitcoin’s recent price action “certainly” points to strong resistance near the $40,000 level.“On the downside, levels are a bit less pronounced,” he stated, first mentioning “the area between 37.5k-38.5k.”
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