Bitcoin price barely holds above $38,000 short-term support as losses linger toward $35,000.
The MACD on the four-hour chart has a vivid bearish signal, implying that the slightest resistance path is downward.
Only a break above $40,000 will ensure market stability as bulls look toward the ultimate liftoff past $50,000.
Bitcoin price has lost several key support areas in the past few days. The upswing to $42,500 had renewed investors’ hopes that time had finally come for Bitcoin to regain its glory, moving above $50,000 and toward $65,000.
However, a correction came into the picture, with Bitcoin sliding under $40,000. The down leg was later stretched under the 50 Simple Moving Average (SMA) on the four-hour chart. At the time of writing, bulls seem to be struggling to keep the price above $38,000. However, a four-hour close below this crucial level will likely trigger massive sell orders as losses progress toward $35,000.
Is The Bitcoin Price Correction Stoppable?
The downtrend lo