Bitcoin Faces Uncertainty Amid Rejection at Key Levels: Could We See $40,000?

Recent price action in Bitcoin has sent waves of uncertainty through the market. After a sharp drop below $81,000 last week, the asset is currently trading near $86,000. This move has prompted questions about whether a deeper correction might be on the horizon. Analysis suggests that rejection at key resistance levels may signal a downward trend. Bitcoin recently tested both the 50-week Exponential Moving Average and a long-term descending trendline, acting as major roadblocks for price growth. Notably, these levels align with the broader market downtrend, posing a significant hurdle for Bitcoin’s continued advancement.