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BTC/USD Dips to $39,676 Amid Bearish Market Signals

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on January 24, 2024 | 2 min
Updated on Jan 24, 2024
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  • Bitcoin BTC trades at $39,676.64, with a bearish trend indicated by key technical levels and indicators.
  • Downward channel formation and resistance at $39,950 signal potential continuation of the downtrend.
  • Short-term outlook is bearish, with close monitoring of resistance levels essential for future trend predictions.

Bitcoin, the trailblazing cryptocurrency, is currently trading at $39,676.64, a 0.93% decrease in the last 24 hours. This movement comes amidst a high trading volume of over $30 billion, reflecting the dynamic nature of the digital currency market. As of now, Bitcoin (BTC) holds the top spot in market cap rankings with a valuation of approximately $777.93 billion, underscoring its prominence in the cryptocurrency space.

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BTC/USD
BTC/USD Price Chart – Source: Tradingview

Bitcoin (BTC) Price Prediction: Technical Outlook

The technical outlook for Bitcoin presents a challenging scenario. The pivot point, a critical indicator for short-term movements, is set at $38,468. This level will likely play a decisive role in determining Bitcoin’s trajectory in the coming days. The coin faces immediate resistance at $40,017, with subsequent higher barriers at $41,797 and $43,314. These resistance levels are crucial checkpoints for any potential bullish trend. In contrast, support levels at $36,721, $34,941, and $33,194 form a safety net against further price declines.

 

The technical indicators suggest a bearish sentiment for Bitcoin. The Relative Strength Index (RSI) stands at 39, hovering near the oversold territory, indicating a lack of strong buying pressure. The Moving Average Convergence Divergence (MACD) echoes this sentiment, with a divergence of -628, signaling a bearish momentum. Moreover, the 50-Day Exponential Moving Average (EMA) is at $41,268, further reinforcing the bearish outlook.

 

A key pattern observed in Bitcoin’s chart is the formation of a downward channel, extending resistance around the $39,950 level. This pattern suggests that Bitcoin may continue to face hurdles as it attempts to break through this resistance. If the currency surpasses the $39,950 mark, it could indicate a shift in momentum. However, the current technical analysis implies that the downward trend is more likely to persist.

 

As we look ahead, the crypto market remains highly sensitive to global economic conditions and investor sentiment. The uncertainty surrounding regulatory environments and the evolving landscape of digital currencies continue to influence Bitcoin’s price movements. Investors and traders are advised to monitor these developments closely, as they could significantly impact Bitcoin’s price and overall market dynamics.

 

In conclusion, Bitcoin’s short-term forecast appears to be bearish, with key technical indicators suggesting a potential continuation of the downward trend. The asset’s ability to test and potentially break through resistance levels in the coming days will be crucial in determining its future course.

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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