As Bitcoin rallies above $40,000, BTC/USD has been below its moving averages. Bitcoin has been gradually falling as it reached a low of $37,051. The downside is that if the short falls below the $37,000 support level, Bitcoin will revert back to the February 24 lows. As of press time, the largest cryptocurrency has reached a high of $41,028.

Resistance levels: $70,000, $75,000, $80,000 Support levels: $50,000, $45,000, $40,000

Bitcoin (BTC) Price Forecast: Bitcoin Rebounds Above $38,000, Bitcoin/USD Plunges Above $37,000 BTC/USD – Daily Chart

Bitcoin (BTC) price faced rejection at the $39,840 resistance level as the cryptocurrency resumed its downward movement. Bitcoin retested its high of $39,467 before continuing its decline. The price of BTC has fallen and is hovering above the $37,000 support level. The price plunged on Feb. 27, with BTC prices falling into oversold market territory. This means that as the market drops to a low of $37,055, the selling pressure may ease. However, for the past 48 hours, BTC prices have been consolidating above the $37,000 support level. On the downside, if the shorts break below the current support level, BTC / USD will fall to a low of $34,000. However, if the downtrend goes beyond the $34,000 low, Bitcoin will face a deeper correction. On the bright side, if the $37,000 support level holds, BTC/USD will rally.

Ukraine accepts bitcoin, ethereum and USDT donations

In the first week of the Russian-Ukrainian war, the Ukrainian government has raised funds to support its civilians and military. In light of this, the government is willing to accept bitcoin, ethereum and Tether as donations. For example, Ukrainian Deputy Prime Minister Mykhailo Fedorov has also shared the addresses of three digital currency packages to facilitate donations to Ukraine.

Bitcoin (BTC) Price Forecast: Bitcoin Rebounds Above $38,000, Bitcoin/USD Plunges Above $37,000 BTC/USD – 4 hour chart

On the 1-hour chart, BTC prices have been range-bound as Bitcoin rallies above $38,000. Prior to the recent crash, the cryptocurrency had been fluctuating between $38,260 and $40,330. On February 27, shorts fell below the lower price range as the price hit a low of $37,051. At the same time, a retracement candle tested the 50% Fibonacci retracement of the February 27 downtrend. The retracement suggests that bitcoin will fall to the 2.0 Fibonacci extension level or the low of $37,366.40.

Want to buy or trade Bitcoin (BTC) now? Invest in eToro

Read more. – How to buy cryptocurrency – How to Buy Bitcoin