These are the price levels to watch considering Bitcoin is “hanging on the $40,000 cliff”

Bitcoin (BTC) price saw its first major test of $40,000 in several weeks overnightbut which price zones will traders see next?

Whether long or short, the answer for many is simple: the range remains the same.

Bitcoin Rolls After “Moment of Truth”

After the macro pressures, the BTC/USD pair saw moderate selling on Feb. 17, which continued on Friday and hit local lows of $40,330 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.

These are the price levels to watch considering Bitcoin is “hanging on the $40,000 cliff”
These are the price levels to watch considering Bitcoin is “hanging on the $40,000 cliff”

A bounce took the pair above $41,000but nerves remain a challenge to Bulls resolve.

BTC/USD 1 hour candlestick chart (Bitstamp). Source: TradingView

A popular jump zone in the event of a burglary is currently $38,000. and as last night’s lows were hit, the popular Credible Crypto Twitter account reiterated the need to maintain that number going forward.

“It’s the moment of truth” summarized next to a forecast chart.

“If our bottom is $32,000, the drop should be limited to the GREEN region to form a higher low. Again, this is my main and I expect to hold this region and continue to rally to challenge monthly resistance again. “

Chart with comments of the BTC/USD pair. Source: Credible Crypto / Twitter

Some were less enthusiastic about the prospect; Popular crypto trader Ed looked concerned even at the $40,000 test.

“Hanging on the $40,000 cliff, it looks like a miracle is needed after yesterday’s surprising (to me) slide.”TO He said.

For his part The structure of the derivatives markets confirms that the macro fund is around $32,000. As analyst Dylan LeClair points out, Bidders have reached this point when it was reached in January, which is more than a nudge for price stability.

“The speculative air in the BTC derivatives market has essentially completely unraveled, with spot market bidders gaining a foothold at $33,000 in early January.” said in one of a series of tweets about the environment.

While some were downright “uncomfortable” at longer maturities, LeClair argued that nothing has really changed and Bitcoin has remained on track in terms of its four-year halving cycles.

“Macroeconomic environment aside, the bitcoin monetization process is progressing. Amid all the uncertainty, bitcoin is trading about an order of magnitude higher than the previous cycle. We must not lose sight of the big picture,” he concluded.

True to his style Overnight lows filled a gap in CME bitcoin futures left after the broker exited from $30,000 to $40,000 earlier in the month.

CME Bitcoin futures 1-day candlestick chart. Source: TradingView

Fidelity Analyst: Pricing Debate is ‘Mostly Noise’

Considering the ups and downs of the past year, Jurrien Timmer, head of global macro at asset manager Fidelity, called for looking back at multi-year network growth instead of price.

“Bitcoin has been in a choppy trading range for almost a year, bouncing between $30,000 and $65,000. The debate over whether to go up or down remains a favorite pastime for many, but it’s mostly noise. As for Bitcoin, what is important?” Network”read He said to his Twitter followers this week.

Chart with comments of the BTC/USD pair. Source: Jurrien Timmer/Twitter

for Timber, Bitcoin price targets are on a regression curve similar to Apple’s metamorphosis from the 90s to the present.

The result could be a much slower path to $1M and beyond, which many expect, but at the same time, strong network fundamentals and adoption should come first.

Bitcoin demand model graph. Source: Jurrien Timmer/Twitter

As Cointelegraph reported, Bitcoin hash rate and difficulty are already at unprecedented levels.

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