Bitcoin heading towards its previous bear all-time record is currently going through a series of corrections and consolidation phases. At the time of writing, although BTC has struggled to maintain a solid stance on the price level, it is above the $ 35K level. Of course, now everyone has a question on their mind: How long will this phase last? What price levels will the cryptocurrency need to maintain?
Will Bitcoin rise?
Does the world’s largest cryptocurrency have a price level that it must maintain to avoid a bearish price move? The question was the subject of discussion in Decentrader analysis.
After the 61.8% bull market pullback, Decentrader co-founder FilbFilb says the Bitcoin Leap was halted at around $40,000 by the 200-Day Moving Average (DMA) this week.
At this point, FilbFilb states that if Bitcoin falls to the level of $ 30,000, the 20 WMA level may become a resistance zone in an attempt to move forward. He also emphasizes that in the event of a decline, a 78.6% retracement will become a possible target, so the BTC movement becomes extremely important in the coming weeks.
The analyst also highlighted the paths that the cryptocurrency could follow. Currently, BTC needs to watch and stay at the $37.5K price level to stay away from a “retest of weekly support”.
At this point, FilbFilb states that if BTC rises above the $40,000 price level, new resistance levels will be $45,500 and $46,500.