BTC Price Struggles below $40K as Bulls Attempt Recovery

BTC Price Hovers Above $39K as Bulls Attempt Recovery – April 23, 2022

Bitcoin (BTC) price has been in a downward move from the high of $42,898 as bulls attempt recovery. The largest cryptocurrency is expected to decline to the low of $39,013 and resume an uptrend. BTC/USD consolidates at the bottom of the chart as an indication of bearish exhaustion.

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

BTC/USD – Daily Chart

Today, Bitcoin has fallen to the low of $39,301 and it has been struggling to resume upward. This current support has been holding since April 11. On the upside, if the current support holds, Bitcoin will perhaps rebound. This will result in the price breaking the initial resistance at the $42,000 high. Subsequently, BTC’s price will rise to retest the $45,000 high or break above it. Conversely, if sellers break below the current support, Bitcoin will continue to fall as it is in the bearish trend zone. The crypto will decline sharply to $37,000 low and subsequently reach the low of $33,000. This bearish analysis is unlikely as the market is said to reach the oversold region. Meanwhile, Bitcoin is recovering as it rises to the high of $39,625 at the time of writing.

Ukrainians to Buy Bitcoin With Foreign Currency Amid Martial Law

According to martial law, Ukrainians are not allowed to buy Bitcoin with the local currency. Bitcoin purchase is allowed with foreign currency with a monthly limit of $3,300.The National Bank of Ukraine (NBU) is taking measures to prevent capital outflows amid martial law by enforcing major restrictions on cryptocurrency purchases. The Ukrainian Central Bank has made pronouncements and placed a set of restrictions on cross-border operations, prohibiting individuals from buying cryptocurrencies like Bitcoin (BTC) with the national fiat currency, the hryvnia (UAH). The monthly purchase of Bitcoin is limited to 100,000 UAH ($3,300). This also includes international peer-to-peer transactions.

Meanwhile, Bitcoin has continued to fluctuate above the $39,330 support as bulls attempt recovery. BTC price fluctuates below and above the $40,000 psychological price level. Meanwhile, on April 21 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC will fall to level 1.272 Fibonacci extension or $39,013 price level.