Bitcoin managed to gain significant momentum last week by exceeding the $49,000 level, but following whale sales and developments at Grayscale, it continues to lose momentum. In recent moments, Bitcoin encountered another wave of selling pressure, falling below $41,000. So, what levels should be monitored for Bitcoin in the short term? Let’s explore together.
Bitcoin Chart Analysis
The four-hour Bitcoin chart had been hinting at an ascending channel formation to many investors, but the recent decline caused Bitcoin to lose the EMA 200 level (red line) followed by the support line of the formation, disrupting the structure. This process led to Bitcoin’s price falling below the $41,000 level.
The most important support levels to watch on the four-hour Bitcoin chart are, in order; $40,805 / $40,133 and $39,416. A four-hour bar close below the crucial $40,805 level, which played a significant role in recent bar formations, will cause Bitcoin’s price to lose momentum.
On the other hand, the most important resistance levels to consider on the four-hour Bitcoin chart are, in order; $41,332 / $41,710 and $42,328. A four-hour bar close above the $41,710 level, which intersects with the EMA 21 level (blue line), will help Bitcoin’s price to gain momentum.
