Crypto Analysts Foresee Choppy Waters For Bitcoin: 'Resistance Walls' Keeping Uptrend At Bay

As the global financial community turns its eyes to the upcoming Federal Open Market Committee (FOMC) meeting scheduled for Wednesday, Bitcoin BTC/USD has retreated below the $41,000 threshold, with crypto analysts forecasting a bumpy road ahead for the king crypto.

What Happened: Ali, a cryptocurrency analyst, has shared his insights, providing critical support levels for investors to consider. "In case of a deeper correction, Bitcoin finds solid support between $37,150 and $38,360,” Ali stated. He emphasized the significance of this range by noting it is fortified by 1.52 million addresses that collectively hold 534,000 BTC.

Ali warned about the upcoming hurdles for Bitcoin’s potential recovery. “Also, watch out for two resistance walls that could keep the BTC uptrend at bay: one at $43,850 and another at $46,400."

Simultaneously, another analyst, @JA_Maartun said "Bitcoin is currently experiencing a surge below the Liquidation Low. If there is some support or bid, it can be found here."

The chart shared by the analyst shows support at $41,475 and $42,550.

Market volatility is anticipated to intensify this week, fueled by traders’ anticipation of the release of key November inflation data.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Only last week, the cryptocurrency markets were buoyed by an optimistic surge, colloquially dubbed the early Santa Claus rally. 

Bitcoin was trading above $44,000 on December 6. The bullish sentiment wasn’t isolated to Bitcoin; other altcoins also enjoyed substantial gains. The burgeoning investor optimism is believed to stem from several key developments, including the heightened possibility of a spot Bitcoin ETF approval and the projected Bitcoin halving event set for mid-2024.

Price Action: At the time of writing, BTC was trading at $40,928.3, down 1.52% in the last 24 hours, according to Benzinga Pro. 

Photo by AlyoshinE on Shutterstock

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