Bitcoin at crucial level $40k; What’s Next: Bullish or Bearish?

Not much time has passed since the first-ever Bitcoin ETFs were approved in the US. Contrary to the consensus, the approval has not boosted BTC’s price off the charts.

Instead, the biggest crypto in the world is struggling near its one-month low. Bitcoin is hovering at the crucial $40,000 mark, and even the slightest fluctuation can define the coin’s movement for months.

The market is split on responding to Bitcoin rebounding back to the $40,000 level. It has been 2 weeks since the ETF approvals, and volatility has become even more prevalent in the crypto market.

Currently, Bitcoin is trading at $40,001.23, with a 0.47% growth in the past 24 hours. The coin constantly fluctuates and has noted a 6.60% dip in the past week. Bitcoin has yet to go past its nearest resistance zone, which is placed at $40,169. The coin also has support levels at the $39,000 mark, justifying the split the market has regarding BTC’s future.

Traders on several social media platforms are on the opposite spectrum, signifying a crucial time for Bitcoin. When it comes to Telegram users, most of them showed an extremely bearish nature during the dip.

However, Reddit users were the most active in buying during the dip. X/Twitter users imitated Telegram users’ tendencies and were bearish during the dip. 4Chan users remained indecisive and did not perform much activity.

If Bitcoin manages to break through its nearest resistance level, the crypto will comfortably remain above the $40,000 mark. However, a dip would mean the crypto would drop to the $39,000 mark for a while.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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