Here are the BTC price levels to watch with Bitcoin ‘hanging on $40K cliff’
Bitcoin (BTC) saw its first major test of $40,000 for several weeks overnight, but what price zones are traders watching next?
Whether long or short-term, the answer for many is simple: The range is still intact.
On the back of macro pressures, BTC/USD saw a moderate sell-off on Feb. 17, which continued into Friday, with local lows of $40,330 appearing on Bitstamp, as per data from Cointelegraph Markets Pro and TradingView.
A bounce took the pair above $41,000, but nerves remain over further challenges to the strength of bulls’ resolve.
A popular bounce zone in the event of a break below currently lies at $38,000, and as last night’s lows set in, popular Twitter account Credible Crypto reiterated the need to hold that number going forward.
“Moment of truth,” they summarized alongside a forecast chart.
Some were less enthusiastic about that prospect, with popular trader Crypto Ed concerned about even the $40,000 test.
“Hanging on the 40k cliff, feels like a miracle is needed after that (for me) surprising move down yesterday,” he said.
The structure of derivatives markets, meanwhile, reinforces the macro bottom being around $32,000. As noted by analyst Dylan LeClair, bidders entered at that point when it hit in January, providing more than a mere line in the sand for price stability.
“The speculative air in the $BTC derivative market has essentially completely unwound, with spot market bidders taking hold at 33k in early January,” he said in one of a series of tweets about the environment.
Honestly fam, if I had to judge by the weekly chart I would say pack your stuff it's over but...yeah... let's see pic.twitter.com/95Z9cObaS3
While some were decidedly queazy about longer timeframes, LeClair argued that zooming out, nothing had
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