Bitcoin price has made several attempts in the last few trading sessions to generate momentum to break the $39,800 resistance level. On the other hand, short positions remained active and protected a move worth more than $40,000.

A new low was seen below the support level of $39,000. It also saw a break below the $38,600 support level and the 21 simple moving average (H1).

It is currently consolidating above $38,000. On the hourly chart, there is also a connecting bullish trend line with support near $38,000. If the price falls below the trend line, it could quickly drop to $37,100. The next big support level is found around $36,000.

Bitcoin Price to Plunge More in 2023, Analysts Say

According to Stifel's Barry Bannister, Bitcoin could fall 76% to $10,000 by 2023. Gareth Soloway, president and CFO of InTheMoneyStocks.com, agrees that bitcoin faces headwinds in terms of its cryptocurrency outlook and has set a high-end target of $20,000.

In a recent podcast, he went on to say that bitcoin is seen as an asset risk and therefore is considered a tech stock.

When it comes to $20,000, he says, he'll start gradually buying long-term entries into bitcoin, and then he'll keep buying.

The RSI was at its lowest point on February 21. Since then, it has generally remained at 45. Therefore, Bitcoin is trending bearish. This only indicates that the likelihood that bitcoin will remain in oversold territory in the near term is increasing.

Meanwhile, the markets seem to be fearful in the war between Ukraine and Russia. In fact, some investors have succumbed to panic selling. On the other hand, long-term players fully believe in Kingcoin.