Why this Bitcoin support level can’t contain the fall

Bitcoin briefly kissed the $40,000 price mark recently and currently, it makes a sideways movement. This Bitcoin support level of $40,000 can’t contain the fall and here is why.

Bitcoin price today is $40,253.13 USD with a 24-hour trading volume of $26,261,633,659 USD. Bitcoin is down 3.83% in the last 24 hours, with a market cap of $763,276,588,803 USD. It has a circulating supply of 18,961,918 BTC coins. 

Source: Tradingview

Bitcoin support level: Analysis

Bitcoin has significant support at $41300 however it was broken with huge red candles that spiked the selling pressure. The support of $40,000 could be a psychological number to hold off but it is not powerful enough to tackle the bearish rally. Bitcoin has more considerable support at $38,000 and there is resistance at the previous support level of $41300.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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