empty
23.01.2024 02:53 PM
Bitcoin made a downward breakdown of the $40k level: will the fall continue?

More than a week has passed since the spot BTC-ETF approval and the local high update. During this time, the price of the cryptocurrency has decreased from $48.9k to $40k due to the unloading of portfolios by various categories of investors. This process began last week, but due to optimistic sentiments, buyers could maintain balance and absorb the free volumes of BTC.

This image is no longer relevant

However, the pace of sales significantly intensified, including those by institutional investors and miners. Concurrently, financial markets began to realize that a quick easing of monetary policy is not anticipated due to persistent inflation and geopolitical tensions. Considering these factors, Bitcoin's quotes continued to decline, and by January 22, the cryptocurrency made a bearish breakthrough of the $40k level.

Will the decline continue?

It's still early to say that the breakdown of the $40k level will be a prelude to another collapse in Bitcoin quotes. Before making any conclusions, it is necessary to wait for the end of the current trading day, when this fall may be recovered. However, the $40k level is extremely important, both from the point of view of the key support zone of the upward trend and psychologically. A breakdown and final consolidation below $40k may lead to a new wave of sales and, as a consequence, a deeper correction.

This image is no longer relevant

At the same time, analysts at Santiment note that large wallets are not resuming the accumulation of BTC or stablecoins. Without clear signals for the start of this process, one should not count on the resumption of a stable bullish rally. However, it is reported that individual large players continue to purchase BTC. Over the past day, BlackRock bought another 4,800 BTC, increasing the number of coins in its balance to 33,430 units.

This image is no longer relevant

The situation is complicated by publications in the media, where it was announced that Grayscale decided to sell BTC for $2.8 billion immediately after the approval of the spot BTC-ETF. Fundamental factors are also a significant reason for investors to refrain from buying cryptocurrency and to pay attention to the U.S. dollar and Treasury bonds. As of January 23, there are many more rational arguments in the market indicating the continuation of the downward movement of Bitcoin's price.

BTC/USD Analysis

As of January 22, Bitcoin formed a large bearish candle after consolidation and several attempts to break through the $40.5k level. Ultimately, the key support zone fell, which means that the structure of the upward trend, which began in October 2023, is under threat. Technically, Bitcoin continues to be at the support level, but if the trading day ends below the $40k level, the likelihood of further decline will significantly increase.

This image is no longer relevant

Technical metrics do not show signs of buyer activation; on the contrary, they signal complete seller dominance. The Stochastic continues its downward movement in the oversold zone, and the MACD has entered the red zone, indicating total bearish dominance. If successfully consolidated below $40k and further downward movement ensues, bears will head to the next support zone near the $38k level, where there was a prolonged period of accumulation.

This image is no longer relevant

Despite the pessimism, one cannot rule out the possibility that the breakdown of the $40k level was necessary to collect liquidity, which reached $150 million. Therefore, there is a possibility of a pump in the BTC/USD price above $40k. In addition, it should not be forgotten that important macroeconomic statistics about the labor market and business activity in the U.S. are expected. These events can also bring back optimism to the cryptocurrency market and strengthen buying sentiments.

Conclusions

The current trading day could be decisive in determining the future trajectory of Bitcoin's price movement. If BTC/USD consolidates below $40k, the likelihood of a downward movement to $38k and lower will significantly increase. However, if the bulls turn the situation around and restore BTC above $40k, it could bring back confidence in Bitcoin's bullish trend and increase the volumes of purchases necessary to complete the correction.

Artem Petrenko,
انسٹافاریکس کا تجزیاتی ماہر
© 2007-2025
ٹائم فریم منتخب کریں
5
منٹ
15
منٹ
30
منٹ
1
گھنٹہ
4
گھنٹے
1
دن
1
ہفتہ
انسٹافاریکس کے ساتھ کرپٹو کرنسی کی معاملاتی تبدیلیوں سے کمائیں۔
میٹا ٹریڈر 4 ڈاؤن لوڈ کریں اور اپنی پہلی ٹریڈ کھولیں۔
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    مقابلہ میں شامل ہوں

تجویز کردہ مضامین

جون 13 کو کرپٹو کرنسی مارکیٹ کے لیے تجارتی سفارشات

ایران کی تنصیبات پر اسرائیل کے راتوں رات کوائن اور ایتھریم بٹ، جس سے کرپٹو کرنسی مارکیٹ کے سامنے اثاثہ کے بڑے پیمانے پر فروخت شروع ہو گئے۔ اگر ایران

Miroslaw Bawulski 13:00 2025-06-13 UTC+2

جون 12 کو کرپٹو کرنسی مارکیٹ کے لیے تجارتی سفارشات

بٹ کوائن اور ایتھریم نے ریلی کی ایک اور ناکام کوشش کے بعد ایک قابل ذکر واپسی کا تجربہ کیا۔ بٹ کوآئن اپنی ہمہ وقتی بلندی پر دوبارہ جانچ نہیں

Miroslaw Bawulski 18:54 2025-06-12 UTC+2

جون 11 کو کرپٹو کرنسی مارکیٹ کے لیے تجارتی سفارشات

بٹ کوائن میں کل کے تیزی سے اضافے کے بعد $110,500 کے رقبے میں تصحیح کی جا رہی ہے، جب کہ ایتھرئم متحرک رہتا ہے — جس نے کل 6%

Miroslaw Bawulski 17:36 2025-06-11 UTC+2

سولانا سپاٹ ای ٹی ایف قریب ہی ہے

اس وقت، سولانا تاجروں کے لیے روشنی میں ہے۔ تازہ ترین اطلاعات کے مطابق، یو ایس سیکیورٹیز اینڈ ایکسچینج کمیشن (ایس ای سی) نے درخواست کی ہے کہ ممکنہ سولانا

Jakub Novak 17:21 2025-06-11 UTC+2

کریپٹو کرنسی مارکیٹ کی تجارت تجاویز برائے 10 جون 2025

بٹ کوائن نے بالآخر $107,000 کی سطح کو توڑ دیا، اور آج کے ایشیائی تجارتی سیشن کے دوران، یہ تیزی سے بڑھ کر تقریباً $110,000 تک پہنچ گیا، اپنی

Miroslaw Bawulski 13:35 2025-06-10 UTC+2

جون 9 کو کرپٹو کرنسی مارکیٹ کے لیے تجارتی سفارشات

بٹ کوائن ایک بار پھر $106,500 کی اپنی حالیہ پسندیدہ سطح تک پہنچ گیا ہے، حالانکہ جمعہ کے امریکی لیبر مارکیٹ کے اعداد و شمار نے اس اضافے کی حمایت

Miroslaw Bawulski 10:52 2025-06-09 UTC+2

جون 3 کو کرپٹو کرنسی مارکیٹ کے لیے تجارتی سفارشات

ایشیائی تجارت کے دوران بٹ کوائن اور ایتھر میں زبردست اضافہ ہوا، حالانکہ کل کا اختتام قدرے مایوس کن نوٹ پر ہوا۔ تاہم، ان اثاثوں کی تیزی سے مضبوطی

Miroslaw Bawulski 13:59 2025-06-03 UTC+2

کرپٹو سرمایہ کار اب بھی امید پرستی سے مغلوب ہیں

جاری تصحیح کے باوجود، کرپٹو اثاثوں کو خریدنے کی طرف سرمایہ کاروں کا جذبہ مثبت رہتا ہے، جیسا کہ نام نہاد خوف اور لالچ انڈیکس سے ظاہر ہوتا ہے،

Jurij Tolin 16:38 2025-05-30 UTC+2

مئی 29 (شمالی امریکی سیشن) کے لیے کرپٹو مارکیٹ پر تجارتی تجاویز

بٹ کوائن نے کافی مضبوط واپسی کی ہے، $108,000 کے نشان سے اوپر چڑھ کر $109,000 کو توڑ دیا۔ نیچے دیا گیا چارٹ $108,100 کی سطح کے ذریعے

Miroslaw Bawulski 20:05 2025-05-29 UTC+2
ابھی فوری بات نہیں کرسکتے ؟
اپنا سوال پوچھیں بذریعہ چیٹ.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.