Bitcoin (BTC) Recovers Latest Losses; Why $41.5K Could Stop Upsurges

  • Bitcoin stretched downsides beneath $39,250 and $39K before securing support.
  • For now, BTC trades beyond $40K and 100-hour Simple Moving Average.
  • Bitcoin’s 1hr chart shows a break past a crucial bearish trend line with the resistance of $40,220.
  • The crypto should overpower the resistance of $41.5K for extended upside actions.

BTC extended its leg-down beneath the $39,000 mark. The leading crypto secured a foothold around the $38,550 zone and launched a massive recovery wave.

BTC Price Still Encounters Obstacles

Bitcoin dropped under the $40K mark after following a bearish road. The dominant crypto even plunged to new weekly lows as it traded beneath the $39,200 foothold. Losing grounds at $39,000 had the bellwether crypto exploring the lows of $38,570.

However, the crypto kick-started a massive recovery wave that pushed 8t beyond the resistance of $40,000. BTC/USD’s one-hour chart shows a break beyond a crucial bearish trend line with the $40,220 resistance.

For now, the world’s leading crypto trades past $40K and 100-hour SMA. BTC even surged past $41K but could not overcome the hurdle at $41,500. Meanwhile, the crypto formed a high near $41,334, and Bitcoin corrects the gains.

The pair tests 23.6% Fibonacci retracement of the climb from swing low at $38,570 towards $41,334. The closest res8stance to the ups8de stands around the $41,000 value area.

The following crucial resistance may emerge at $41,350. However, BTC’s primary resistance remained at $41,500. The crypto should overcome this obstacle for massive uptrends. That can see the crypto challenging the hurdle at $42,500. Meanwhile, further upticks will have BTC at the $43,200 zone.

New Plunges in Bitcoin?

BTC may witness another drop if it fails to overcome the resistance at $41,500. Downward movements would hit the closest support floor at $40.250 and the 100-hour Simple Moving Average.

Meanwhile, another foothold stands at $39,950, near the 50% Fibonacci retracement area of the $38,570 to $41,334 upswing. Stretched downfall under the support of $39,950 could push BTC towards $39,000.

Bitcoin traded at $40,733 at this publication, surging 4.59% over the past day. Moreover, the global crypto market capitalization gained 4.50% to $1.89 trillion.

By Edward Richardson
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