The Bitcoin price has stabilized slightly in the last few days and could rise more strongly if it breaks above $38,000. But if Bitcoin cannot break through the resistance, there is a risk of another sharp drop lower. What does the near future of the Bitcoin price look like? Let's assess Bitcoin's newest price developments in this Bitcoin price prediction.

In the last few days, we have experienced another sharp drop in the Bitcoin price. It went from $43,000 to $35,000 in 2 days. The Bitcoin price has thus fallen below the $40,000 mark for the first time in months.

In the last 2 days, we have seen a slight stabilization of the Bitcoin price. It is now staying above $36,000 and trying to surpass $38,000 again and again. A resistance has formed here that needs to be broken.  Looking at figure 1, we can clearly see the formation of that $38,000 resistance. It first was a support level that was broken, then turned into a resistance. In fact, back in August 2021, that same area represented also an important area for traders.

If Bitcoin price breaks the resistance at $38,000, we could see a surge above $40,000, which would have seen the price recover from the last sharp drop. The $38,000 to $42,000 area has previously been cited as a key support zone from which Bitcoin could rally back towards $50,000.

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With the last Bitcoin crash, the bottom of the current price correction could have been reached. In the last 3 months, we saw several strong crashes, each of which we hoped was the bottom of the correction. Now that we reached the strong buy area of 30K, prices should be on their way to 40K thanks to the buying volume.

If we look at the analysis data on the Bitcoin price in figure 2, we can see that the so-called "Relative Strength Index" (RSI) is as low as it has been since March 2020. This value indicates that the bitcoin is heavily "oversold" at the moment.

This value and the strong fundamentals in the Bitcoin network, such as the further increasing hash rate, suggest that we only saw a strong correction, but could still be bullish in the long term. On top of that, the Fibonacci retracement suggests that prices can go as high as $46,000, which happens to be another support for BTC.

In the past 24 hours, the cryptocurrency market rose by an average of +3.8%. The Bitcoin dominance rose to 41.7%, and Bitcoin's price increased also by +3.2%. Despite the crypto market being green, one should always proceed with care, as we are still considered in a bear market.

1- Bitcoin (BTC) : + 3.2 %

2- Ether (ETH) : + 6.7 %

3- Tether (USDT) : 0 %

4- Binance Coin (BNB): + 1.5 %

5- USD Coin (USDC) : + 0 % 

6- Cardano (ADA) : + 4.5 %

7- Solana (SOL) : + 9.1 % 

8- Ripple (XRP) : + 3.2 %

9- Terra (LUNA) : + 1.2 %

10- Polkadot (DOT): + 5.3 %

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Bitcoin prices fell from a high of USD 69,000 all the way to a current price just above USD 40,000. This 40% decline within 2 months definitely took a toll on crypto investors. The ones who opened positions higher than a Bitcoin 40K price are currently in the red. On the other hand, Bitcoin's technical formation is showing a sign of a potential reversal. Should you buy Bitcoin at today's price of around 40K? Let's see where the crypto market is currently at, and lay a trading setup.

It is true that Bitcoin prices started to freefall on the 10th of November 2021. In fact, good technical traders knew about this downfall since the 3rd of December. This is when Bitcoin prices breached the average uptrend deeply lower than anticipated. In figure 1, we can clearly see this break thanks to the red circle on the chart.

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Well, it all depends on your strategy. But most traders and investors are interested in buying a Bitcoin 40K price. The reason comes from both a technical and fundamental angle:

• Most big tech and big firms entered the crypto market buying Bitcoins around that price. If the market was to rebound, the current price would be the perfect opportunity to do so.
• From a technical angle, prices hit a very strong support level. As shown in figure 2, prices did rebound from the 40K area several times in the past. Currently, it seems as if prices are prepping from a reversal.

When plotting the Fibonacci retracement, we can clearly see how the strong support of 40K highlights other psychological prices and give importance to the 50K area. If prices were to reverse upwards, they have to first reach a price of USD 43K for confirmation. If successful, we might be able to see a price of Bitcoin around 50K again, or a 20% gain. On the other hand, if prices fell below 40K, this is a huge indicator that the bear market is continuing lower.

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In the past 24 hours, the cryptocurrency market continued dipping further lower. Sunday mornings are usually slow days for the crypto market. Despite Bitcoin consolidating for the day, other cryptos lost on average -1.48%. The top losers are ROSE, FTM, and NEAR losing respectively -15%, -12%, and -11%. On the other hand, the top gainers are ICP, LEO, and LINK gaining respectively +7%, +5%, and +4%.

1- Bitcoin (BTC) : + 0.06%

2- Ether (ETH) : – 2.75 %

3- Tether (USDT) : 0 % (surpassing BNB)

4- Binance Coin (BNB): – 4.45 %

5- Solana (SOL) : - 3.36 % 

6- USD Coin (USDC) : + 0 % (surpassing ADA)

7- Cardano (ADA) : – 5.73 % 

8- Ripple (XRP) : - 2.21 %

9- Terra (LUNA) : + 4.90 %

10- Polkadot (DOT): – 2.11 %

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