Bitcoin price Prediction Following the Cautious Rebound
Bitcoin price has bounced off the support zone of $40,000 as investors remain cautious amid the ongoing market selloff. The crypto fear & greed index is at a fear level of 27, which is a shift from the previous session when it was on the neutral side of the spectrum.
The risk aversion has pushed the global crypto market cap below the crucial level of $2 trillion. However, according to CoinMarketCap, it is currently up by 0.47% at $1.92 trillion.
Bitcoin price prediction
BTC has eased at around 43,000 after the previous attempt to hit the lower level of 40,000. Notably, the intraday low was its lowest level since early August. At the time of writing, Bitcoin price was up by 0.29% at 43,162.59.
Since the beginning of the week, the leading cryptocurrency has dropped by about 9.23%. On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages. Based on both the fundamentals and technicals, it will likely record curbed gains in the near term.
In the near term, Bitcoin price will likely continue to experience resistance at 43,235.05. Past that level, then resistance zones to look out for are the psychological level of 44,000 and along the 25-day EMA at 44,496.67. On the flip side, a pullback will likely place the crypto along the prior support zone of 42,033.05.
Read here about Ethereum price.
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