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Bitcoin price may drop to $ 38,000 before continuing to rise

After a recent spike to a new record of $ 48,000, bitcoin has retreated and is currently trading at $ 44,770. If support above $ 44,000 becomes difficult to secure, the trailblazer could explore lower levels.

The $ 38,000 zone was a critical barrier during the recent surge from $ 30,000, however, it has now turned into a serious support zone that is likely to absorb selling pressure and stop the decline.

A comprehensive look at Moving Average Convergence / Divergence (MACD) suggests that the path of least resistance is down. When used correctly, the MACD allows you to identify exit positions and buy low entry points. At the moment, the MACD line (blue) has moved below the signal line, which is a clear indication of avoiding entry and possible selling.

Bitcoin’s downtrend is likely to continue in the near future, but it’s hard to say how far this will go.

Notice that in the 4 hours chart, the 100 simple moving average has moved above the 200 SMA to form a golden cross. This bullish signal could cause BTC to ignore the bearish call and resume its uptrend towards $ 51,000.

Daily Bitcoin levels

Spot Rate: $ 44,770
Relative change: -90
Percentage change: -0.2%
Trend: bearish
Volatility: expansion

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