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Bitcoin

MN Coin

<ul> 
 <li>BTC has a strong support level near the $40,000-level&nbsp;</li> 
 <li style="font-weight: 400;">If coin’s price drops below that level, it might sink to $38,000&nbsp;</li> 
</ul> 
<a href="https://ambcrypto.com/search/bitcoin" target="_blank" rel="noopener" data-wpel-link="internal">Bitcoin [BTC]</a> has somewhat managed to stabilize its price after a quick price correction that happened a day ago. However, while considering future prospects, it’s important to take a look at the worst. If the king of cryptos registers another price correction, its value might fall all the way to $38,000. 
<h3 id="b-bitcoin-s-price-is-stabilizing-b">Bitcoin’s price is stabilizing</h3> 
Bitcoin caught the attention of investors once it again went past the $40,000-mark recently. However, this uptrend wasn’t to last, with BTC soon recording a correction on the charts. Here, it’s worth noting that after a bout of volatility, the last 24 hours saw the crypto fall by just 1%.&nbsp; 
At the time of writing, Bitcoin was <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">trading</a> at $41,814.05 with a market capitalization of over $818 billion. Ali, a popular crypto-analyst, recently pointed out that there are chances of <a href="https://ambcrypto.com/institutional-players-love-for-bitcoin-continues-the-why-of-it-all/" target="_blank" rel="noopener" data-wpel-link="internal">BTC</a> falling under $40,000 towards the $38,000-mark if price correction begins in earnest again.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 In case of a deeper correction, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">#Bitcoin</a> finds solid support between $37,150 and $38,360. This zone is backed by 1.52 million addresses holding 534,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">$BTC</a>. 
 Also, watch out for two resistance walls that could keep the <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">#BTC</a> uptrend at bay: one at $43,850 and another at $46,400. <a href="https://t.co/NGm1XpMOLf" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">pic.twitter.com/NGm1XpMOLf</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1734359407394254963?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">December 11, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
To validate the same, AMBCrypto had a closer look at the coin’s on-chain metrics to better understand whether investors should expect BTC to fall to that level before this year ends. 
<h3 id="expectations-galore-with-btc">Expectations galore with BTC</h3> 
As per our analysis, <a href="https://ambcrypto.com/bitcoin-why-this-might-be-the-right-time-to-buy-the-dip/" target="_blank" rel="noopener" data-wpel-link="internal">BTC</a> has built a massive resistance level near the $44,000-level, especially as liquidation levels increased during that period. However, there is also a strong support level at $40,000, a level that is clear from the fluorescent lines towards the bottom of the chart. 
<div id="attachment_358400" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-358400" decoding="async" class="wp-image-358400 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1.png" alt="" width="1482" height="736" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1.png 1482w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1-300x149.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1-1024x509.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1-768x381.png 768w" sizes="(max-width: 1482px) 100vw, 1482px"></a>
 Source: Hyblock Capital
</div> 
AMBCrypto then had a look at BTC’s market sentiment to check the possibility of BTC being unable to rebound from its support level near $40,000. We found out that selling pressure on the coin was high as its exchange reserve was increasing. 
As per <a href="https://cryptoquant.com/asset/btc/summary" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">CryptoQuant</a>, Bitcoin’s aSORP was also red, meaning that more investors have been selling at a profit. In the middle of a bull market, it can indicate a market top. 
Additionally, both its Coinbase premium and Korea premium were in the red, clearly suggesting that selling sentiment among U.S and Korean investors is relatively high now. Whenever selling pressure rises, it increases the chances of a price drop. 
<div id="attachment_358401" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-BTC.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-358401" decoding="async" class="wp-image-358401 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-BTC.png" alt="" width="1291" height="382" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-BTC.png 1291w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-BTC-300x89.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-BTC-1024x303.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-BTC-768x227.png 768w" sizes="(max-width: 1291px) 100vw, 1291px"></a>
 Source: CryptoQuant
</div> 
Is your portfolio green? Check the <a href="https://ambcrypto.com/calculator/bitcoin-profit-calculator" target="_blank" rel="noopener" data-wpel-link="internal">Bitcoin Profit Calculator</a>&nbsp;&nbsp; 
Finally, on the price charts, <a href="https://ambcrypto.com/are-bitcoins-long-term-holders-confident-enough-data-tells-us/" target="_blank" rel="noopener" data-wpel-link="internal">BTC</a>’s MACD flashed a bearish crossover. On top of that, its Money Flow Index (RSI) also registered a downtick, increasing the chances of a price decline in the days to come. 
<div id="attachment_358402" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-12_13-04-55.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-358402" decoding="async" class="wp-image-358402 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-12_13-04-55.png" alt="" width="1815" height="792" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-12_13-04-55.png 1815w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-12_13-04-55-300x131.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-12_13-04-55-1024x447.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-12_13-04-55-768x335.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-12_13-04-55-1536x670.png 1536w" sizes="(max-width: 1815px) 100vw, 1815px"></a>
 Source: TradingView
</div>

Bitcoin to fall to $38K? The case for this price prediction is…

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