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<p>In the current crypto market scenario, all eyes are on Bitcoin as it grapples with a crucial technical juncture, prompting crypto analyst Cryptonary to raise the question: Is Bitcoin heading down to $38K?</p>
<p>According to insights provided by <a href="https://twitter.com/cryptonary/status/1736741467157041542" target="_blank" rel="noopener noreferrer nofollow">Cryptonary</a>, Bitcoin is engaged in a significant battle at a key technical level, and the outcome may determine its short-term trajectory. The mechanics of the market have undergone a reset, with open interest pulling back and funding remaining relatively positive, hovering close to the 0.01% mark.</p>
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<p>On the 12-hour timeframe, BTC appears to have lost the main uptrend line, signaling a potential weakening of its position. A close below this line would mark the first major sign of vulnerability.</p>
<p>Bitcoin is currently contending with horizontal support in the range of $40,900 to $40,600. This level is crucial for BTC to secure support and initiate a short-term rebound. Failure to do so could pave the way for a more substantial downside.</p>
<p>The primary horizontal support in the event of a breakdown is identified at $38,000 to $38,300.</p>
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<p>The RSI (Relative Strength Index) has undergone a reset on major timeframes, except for the Weekly, which remains slightly overbought.</p>
<h2 class="wp-block-heading" id="strong-cryptonary-s-analysis-strong"><strong>Cryptonary’s Analysis</strong></h2>
<p>Bitcoin stands at a pivotal juncture, with a local horizontal support at its current price points potentially serving as a springboard for a bounce. However, the lost uptrend line presents a challenge, and unless a major turnaround occurs in the next 13 hours, the underside of the uptrend is likely to act as resistance.</p>
<p>Despite market mechanics appearing healthy again, Cryptonary anticipates Bitcoin trading lower in the coming weeks. Even if a short-term bounce occurs to retest the underside of the uptrend line, the analyst envisions a probable move down to test $38,800.</p>
<p>As Bitcoin navigates this critical phase, the crypto community awaits developments that could shape its near-term price action.</p>
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<p>The post <a href="https://captainaltcoin.com/is-bitcoin-heading-to-38k-analyst-shares-insights-on-why-btc-is-at-a-crucial-level/" rel="noopener noreferrer nofollow">Is Bitcoin Heading to $38K? Analyst Shares Insights On Why BTC Is at a Crucial Level</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Is Bitcoin Heading to $38K? Analyst Shares Insights On Why BTC Is at a Crucial Level

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