Bitcoin / TetherUSUpdated Important Support Level at $37,400
The 4-hour chart shows that Bitcoin is currently in a downtrend. This bearish trend is attributed to the loss of major support, evidenced by the formation of a lower low compared to the previous low, and a lower high compared to the previous high. At the moment, Bitcoin is experiencing a pullback to the previously breached support zone, which is expected to extend to around $43,000.
Once this pullback concludes, the primary bearish trend is anticipated to resume, potentially leading to a further decrease in Bitcoin's price towards the next support level around $37,400. Moreover, the presence of a bearish pattern suggests that the price might start to decline from this region.
Once this pullback concludes, the primary bearish trend is anticipated to resume, potentially leading to a further decrease in Bitcoin's price towards the next support level around $37,400. Moreover, the presence of a bearish pattern suggests that the price might start to decline from this region.
Note
Update:In the short term, the Bitcoin market shows a strong bullish trend, based on a new high surpassing the previous peak. Current bearish candles indicate a temporary correction, likely leading to a continued upward trend once this phase ends.
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