Will $40,900 Support Hold for BTC or Lead to a Slide to $38,700?
BTCUSDT is stabilizing at the crucial support level of $40,900, following a significant downturn in the previous day's trading. This sharp decline appears to have temporarily tilted the momentum towards the bears. Indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are signaling a bearish trend.In the last 24 hours, the MACD line has dipped below the MACD Signal line, a notable bearish signal that often suggests a trend reversal towards a bearish market. Simultaneously, the RSI line is below its Simple Moving Average (SMA) line, indicating that sellers might be gaining an advantage over buyers.
Should these bearish indicators prove accurate, BTC's value could potentially drop to around $38,700 in the near term. However, there's still potential for an upward movement. If BTC manages to stay above $40,900 in the ensuing 72 hours, it could rebound from this support level and possibly escalate to $44,500. Sustained buying pressure beyond this point might even drive BTC's price up to $48,000.
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