\nBitcoin price struggles to find support at $41,000 while declines to $37,500 seem imminent amid the loss of a key supply zone.\t\t\t\t<\/p>\n
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Published 18 mins ago <\/p>\n
Investors are deliberating where the crypto market is heading after the tables turned towards the end of last week. Following the Federal Reserve\u2019s announcement of three intended rate cuts in 2024 while leaving interest rates unchanged,\u00a0Bitcoin price<\/span><\/a>\u00a0climbed above $43,000.<\/p>\n <\/p>\n A correction ensued soon after this move as the hurdle at $44,000 did not budge, increasing confidence among sellers. Altcoins also trimmed gains, extending the bearish wave.<\/p>\n Bitcoin price can barely hold above $41,000 at the time of writing, on Monday during US business hours, accentuating the bearish theory. If this support caves in, BTC would be at the risk of falling below $40,000 and testing support at $37,500.<\/p>\n Recommended for you:<\/b>\u00a0Crypto Price Prediction For December 18: HNT, ASTR, STX<\/span><\/a><\/span><\/p>\n Bitcoin price is on the verge of sliding below $40,000 and extending the decline to $37,000 based on on-chain data analysis conducted by Ali, a crypto analyst and posted on X.<\/p>\n Based on the blockchain data processed by IntoTheBlock, Bitcoin is trading below a key supply area, running from $41,200 to $42,400. Approximately 1.87 million addresses have in the past accumulated 730,000 BTC in the range.<\/p>\n <\/p>\n More losses are expected now that\u00a0Bitcoin is holding<\/span><\/a>\u00a0below this supply zone, as traders aim to cut losses.<\/p>\n \u201cIf selling pressure increases, watch for a possible decline to the next demand zone between $37,500 and $38,700. Here, 1.28 million addresses are holding 553,000 BTC,\u201d Ali shared via X.<\/p>\n #Bitcoin<\/a> has slipped below a key supply zone, ranging from $41,200 to $42,400. In this area, 1.87 million addresses had accumulated 730,000 $BTC<\/a>.<\/p>\n This downturn might trigger these holders to sell, aiming to cut losses.<\/p>\n If selling pressure increases, watch for a possible decline\u2026 pic.twitter.com\/aTX1RWarkb<\/a><\/p>\n \u2014 Ali (@ali_charts) December 18, 2023<\/a><\/p>\n<\/blockquote>\n Now that Bitcoin is finding buoyancy at $41,000, holders are torn between keeping their positions open or cutting losses. The Relative Strength Index (RSI) concurs with the latter notion\u2014to cut losses and aim to buy after\u00a0BTC rebounds<\/span><\/a>\u00a0from a lower support area.<\/p>\n The RSI, although with a falling strength at 35, is not oversold yet. Hence, the possibility of Bitcoin sliding below 40,000.<\/p>\n Besides, trading below the 20 Exponential Moving Average (EMA) (in blue), and the 50 EMA (in red) reinforces the bearish grip.<\/p>\nBitcoin Price Prediction: What\u2019s Next After BTC Lost Key Supply Zone<\/h2>\n
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