Bitcoin (BTC) Bounces Back from the Support of $40,000, Here Are Key Levels to Watch

Published by
Bitcoin (BTC) Bounces Back from the Support of $40,000, Here Are Key Levels to Watch

The world’s largest cryptocurrency Bitcoin (BTC) witnessed a healthy bounce on Sunday from $40,000 levels after six days of moving sideways. The $40,000 level serves as a key psychological level for Bitcoin below which analysts had warned that it could trigger another major sell-off.

As of press time, Bitcoin is trading at $41,977 levels with a market cap of $794 billion. The BTC price, however, is currently trading at its three-month low and any negativity further can lead to a major downside. So, is the bottom near and are we looking for a trend reversal? Well, anything can happen in the crypto space but here are some indicators that can help us take a nuanced call.

The Bitcoin RSI has been at its lowest levels which might suggest that we are in the oversold territory. On the daily chart, the Bitcoin RSI has reached its lowest in two years. Last time, these levels were seen in March 2020 and May 2021.

Is Bitcoin Heading to $50K?

There could be strong anticipation that bitcoin could be heading towards $50,000 levels and more. However, it will have to move past some key resistance levels to hit this milestone. Popular crypto analyst CRYPTOBIRB writes:

The most interesting $BTC level for me is $46266 – the main resistance for the entire corrective movement. A strong close above is an early symptom of trend expansion into 50-60k. While at charts: I’m expanding my TA team.

Courtesy: CryptoBirb

Another popular market analyst TechDev presents a detailed view on Bitcoin impulses and corrections based on historical cycles. He says that there’s still one upward impulse left in Bitcoin before we might be heading to a bear market cycle. In his recent Bitcoin analysis, TechDev writes:

Most likely outcome to me still is another upward impulse, before the start of *downward* impulsive trend, which is what defines a true bear market to me.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Breaking: Trump Pardons Binance’s Changpeng “CZ” Zhao, BNB Spikes

U.S. President Donald Trump has reportedly pardoned Binance founder Changpeng "CZ" Zhao for his conviction…

October 23, 2025
  • News

Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up

Bitcoin critic and renowned economist Peter Schiff has challenged Binance co-founder Changpeng "CZ" Zhao to…

October 23, 2025
  • News

Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume

Crypto exchange Robinhood has listed Hyperliquid's native token HYPE for its U.S. clients. This comes…

October 23, 2025
  • News

Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow

The U.S. Bureau of Labor Statistics (BLS) will release the Consumer Price Index (CPI) data…

October 23, 2025
  • Bitcoin News
  • News

US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?

The “Trump insider whale” has begun closing its Bitcoin short positions just as the U.S.…

October 23, 2025
  • News

Just-In: Changpeng “CZ” Zhao Counters Peter Schiff, Says “Tokenizing Gold Is Not On-Chain Gold”

Binance founder Changpeng "CZ" Zhao debunked economist Peter Schiff's views on tokenizing gold. CZ claimed…

October 23, 2025