Bitcoin Still Struggling To Break The $ 40,000 Price Level - Kakiforex.com - Financial Market Media No. 1 in the World Bitcoin Still Struggling To Break The $ 40,000 Price Level Bitcoin Still Struggling To Break The $ 40,000 Price Level
InstaForex

May 31, 2021

Bitcoin Still Struggling To Break The $ 40,000 Price Level

 The current performance of the crypto market in May continues to give worries and concerns to crypto investors who are currently still struggling to make higher leaps.


The puzzle to investors is still unraveled when in last week’s trading, Bitcoin only made a slight leap to test the $ 40,000 level resistance before making a re-decline to close the trade around the $ 35,000 price.


The decline in May trade was driven by a statement by Tesla CEO Elon Musk stating that Tesla would stop payment transactions via Bitcoin and China which has banned the use of cryptocurrencies in the country.


Most recently, Bank of Japan Governor Haruhiko Kuroda has criticized Bitcoin that it is not a real payment settlement method that continues to put pressure on BTC prices to make further declines.


Looking at the BTC/USDT chart, the price movement is flat at the level of around $ 30,000- $ 40,000 and still has not managed to signal a trend change.


The $ 40,000 level was still a difficult level to break last week before the Bitcoin price made a further decline to test the $ 35,000 price level and will likely test the support level again around the $ 30,000- $ 32,000 price.



As a result, the SBR (support become resistance) level around the $ 40,000 price will be the main focus for investors to be re -tested as an early signal for a change in the bullish trend.


If the price rises manage to cross the $ 40,000 price level, the expectation of a higher price increase will test the next SBR level of around $ 50,000 before heading to the all -time high (ATH) level once recorded on April 14 around $ 64,000.


Yet if the Bitcoin price continues to decline, the support level around the $ 30,000- $ 32,000 price will be retested and investors will assess whether the zone is able to re-support a more aggressive price increase.


If the price of Bitcoin continues to maintain a bearish pattern, the $ 25,000 price level will be the determining point whether it will return to make a rise or will test the high level that was reached in 2017 around the price of $ 20,000.


As of 11.00 am local time, the BTC price is down 3% and is moving slowly at the $ 35,000 price level.