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BTC analysis – price stagnates at $ 40,000, but support may not be maintained

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BTC has more or less stagnated over $ 40,000 but so far there has been no significant upward rebound and correction is still in play. Even if the price were able to create a rising leg, it would probably be short-term within the correction structure. Dominance of the main cryptocurrency in the meantime, it fell again to 41.45%.

BTC is stagnating at $ 40,000 and so far it does not look like the correction should end at this level. In case of a rebound, I expect the maximum bull leg to the level of $ 42,000 which is the point of control of the entire bear flag, which is current since the beginning of the year.

Bitcoin holds $ 40,000BTC holds $ 40,000. Source: TradingView

BTC stagnates at $ 40,000

What if the price does not keep the current support? Let’s take a look at bear scenarios. First support in this scenario, the level would be around $ 36,000 and following $ 30,000. The $ 30,000 zone represents the lower limit of the entire sideway flat structure which has been current for 16 months.

In the long run BTC is still reaching rising lows and highs. In addition, after reaching ATH, the price created a flat structure for the first time in history, and so this structure should represent a long-term continuation of the growing trend and will be strong in the future support.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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