The bitcoin roller coaster: What’s the next stop after falling to $38,460?

29. 01. 2024 | Natalie Bezděková

Bitcoin, the most well-known and most traded cryptocurrency, has recently undergone a significant decline that has reduced its value to $38,460, a significant slowdown from its recent two-year high of $49,051. Although the price is struggling to recover, the short-term oscillators are showing a strong downward bias, which raises technical concerns.

Currently, Bitcoin is facing an internal swing low at $41,285, which may hinder faster growth. However, if the price can push above this level, the way could be open for a test of the January resistance at $43,400, followed by the December peak at $44,725. A break of this level could draw attention to the $45,912 level.

On the opposite side of the spectrum, if bull pressure weakens, Bitcoin could return to its near two-month low at $38,460. In the event of further declines, it could then move towards the October hurdle at $33,400, where it currently lacks significant support. An even lower level at $31,827 could then provide further protection against a possible decline.

Analysts stress that the current state of the market points to some uncertainty and that a sustained recovery would require a clear close above the $40,000 level. Thus, despite the temporary halt in the downward trend, the question of a sustained recovery is premature, and investors are watching closely to see how the situation develops in the days and weeks ahead.

Photo source:

Author of this article

Natalie Bezděková

I am a student of Master's degree in Political Science. I am interested in marketing, especially copywriting and social media. I also focus on political and social events at home and abroad and technological innovations. My free time is filled with sports, reading and a passion for travel.


Support us to keep up the good work and to provide you even better content. Your donations will be used to help students get access to quality content for free and pay our contributors’ salaries, who work hard to create this website content! Thank you for all your support!

Write a comment