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Bitcoin price fluctuates around 40 thousand dollars…waiting for the next catalyst!

Bitcoin price fluctuates around 40 thousand dollars…waiting for the next catalyst!

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Answer Bitcoin price fluctuates around 40 thousand dollars…waiting for the next catalyst!

Bitcoin price continued to record losses for the past three days, falling below $40,000 and trading at the time of publication at $39,500.

In the last 24 hours, the bitcoin price has been fluctuating around the $40K level.

Taking a larger view, Bitcoin has fallen 25% since February 3 after testing a critical resistance barrier.

As the upside failed to maintain the momentum and broke the $45,000 resistance after two attempts, which led to the decline.

According to the analytics firm Glassnode, despite the current price volatility, more than 60% of the Bitcoin supply has not left wallets in a year.

Major exchange order book activity on Binance showed that support above $40,000 had disappeared and the bitcoin price fell on Friday to its lowest level in two weeks.

Read:In conjunction with the FTX crisis… the activity of the crypto community on social media reaches a new record

Bitcoin looking for a reversal on the daily chart:

Bitcoin price action has lost nearly 50% from its all-time high of $69,000 recorded on November 10.

Subsequently, the short-term consolidation began as the Bitcoin price rebounded significantly on February 3, bringing the price of the coin to a critical resistance barrier, but failed to break through it.

Bitcoin re-attempted to surpass the $45,000 resistance, but it did not strengthen for long and failed to maintain the uptrend, which led to the current correction.

The sudden rise in selling orders could re-set the daily demand area, which is located near the $36,000 level, followed by the January 24th low for Bitcoin at $3,293.33.

On the flip side, with renewed buying pressure above the 50-day simple moving average (SMA), the price could jump towards the $45,000 highs.

Read:CEO of “Visa”: Bitcoin outperforms traditional currencies in these aspects

Next, market participants will be watching and their eyes will be on the 200-day simple moving average at $49,916.

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