Bitcoin price again rejected after getting very close to $40,000 levels and hence a notable dump may be expected
However, if a reversal is encountered then the possibilities of the price bouncing back to $42,000 appear imminent
The crypto market forecast a sense of extreme volatility as the crypto assets constantly flutter on both north and south in the same trading day. Bitcoin price in the early trading hours was an inch close to hit $40,000. But the bear got activated rigorously and took back the control again. However, the bulls are attempting hard to uplift the BTC price but the volume appears to have been non-supportive.
The 4hr-price chart displays the formation of a head and shoulders pattern and currently trending close to the neckline. With a hard attempt to reverse the pattern, the price yet followed the pattern with a slight dump. However, the breakdown cannot be confirmed until the trend line is also rejected.
Currently, Bitcoin could have two possibilities, either reverse the trend and hit the immediate resistance levels at $42500. Else following the pattern, the price could revisit the lower support levels around $37,000. The price could also slash to the lower levels down at $33,000 if $37,000 is not sustained.
At the time of writing, amid the London Hard Fork upgrade, the entire crypto space has become much active. Many assets are plunging down including Bitcoin price and Ethereum price. At the press time, the BTC price is around $37,466 where-in the bulls and the bears have tough strife. Also, the price broke down the ascending trendline and is expected to continue to flow down. Therefore, enhancing the buying the bulls are required to enter the game and prevent further drain.