Bitcoin Bears on the Prowl: Can Support Hold or Will BTC Dive Deeper? Key Levels to Watch in the Coming Week

Bitcoin Faces Downward Pressure: Key Support Zones to Watch in the Coming Week

Welcome back to your weekly Bitcoin market update!

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As we can see that Bitcoin's price is steadily declining. Today, I want to zoom in on the technical picture and highlight crucial support zones that could determine the short-term direction.

Short-Term Support:

• 41,500 - 41,000 USD: This zone encompasses the -2 to -2.5 standard deviation area, often acting as a temporary bounce point during downtrends. Additionally, this zone houses significant sell-side liquidity, potentially triggering buying pressure if challenged.

• 40,750 - 40,200 USD: Another potential support zone, containing two more sell-side liquidity pockets at 40,555 USD and 40,222 USD. A drop below this zone could signal further bearish momentum.

Zooming Out:

On the 4-hour chart, failure to hold these zones could lead to a deeper correction, targeting:

• 39,000 - 38,000 USD: This zone could offer temporary resistance on a larger descent.

• 35,500 - 35,000 USD: This lower extreme may act as a significant long-term support level.

Remember:

• Technical analysis is not a crystal ball. Unexpected events or external factors can impact the market significantly.
• Always practice cautious trading and risk management, regardless of your analysis.

Stay tuned for further updates!

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Disclaimer:

This information is for educational purposes only and should not be considered financial advice.

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