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Bitcoin Risks Decline as It Falls Below $40K In Cryptocurrency Markets

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Yusuf Balogun
Yusuf Balogun
Yusuf is an aspiring Journalist and Health law expert with a special focus on technology innovations. He is a writer at Right for Education, Libertist Centre for Education, Qwenu, and Editor at Gamji Press, UDUS.

Bitcoin has remained constant between $39,200 and $42,000 since April 11 but has steadily fallen to $37K. The bears recently broke below the $39,200 support, resulting in a negative movement. Bitcoin is in a bearish trend zone, which means it could fall even more.

As bulls purchased the dips, the price of Bitcoin (BTC) fell significantly to a low of $38,706 today. Bitcoin’s price hasn’t risen above the bottom end of its trading range. The bullish momentum was unable to reach the prior highs.

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As a result, the price of BTC fluctuates between $38,000 and $39,000. Bitcoin has fallen below the $40,000 psychological price barrier since April 21, and the BTC price has failed to break above the moving averages. Subsequently, the price also lost the $39,200 support while falling to the low of $39,111 at the time of reports.

As the crypto trades in the bearish trend zone, the current downward push could continue to the $37,000 level. However, if the Bitcoin price rises over the current support level, it will reclaim the $39,200 high and rally to the $40,000 price level. Bitcoin is progressively falling to a low of $37,000.

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A few years ago, the Bank of Canada did research that looked at four years of yearly surveys from 2016 to 2020, with sample sizes ranging from 1,987 to 3,893 respondents. The conclusion from the research was that: Bitcoin owners displayed greater knowledge about the Bitcoin network than nonowners, yet they scored lower on questions testing financial literacy. Three multiple-choice questions about interest rates, inflation, and stock/mutual fund understanding were used to assess financial literacy.

Thus, the BTC price has plummeted to the market’s oversold sector, with Bitcoin progressively falling to $37K. Therefore, a retraced candle body tested the 78.6 percent Fibonacci retracement mark on April 11. BTC is expected to fall to the 1.272 Fibonacci extension level, or $36,990.10 price level, based on the retracement.

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