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$40K Bitcoin price is in reach, but analysts warn that a sweep of recent lows is likely

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There’s was no rest for weary crypto traders on March 10 as a blistering 7.9% CPI print emerged as the headline of the day, putting pressure on global financial markets and erasing the previous day’s gains in Bitcoin (BTC) as the price fell back below $40,000. 

Data from Cointelegraph Markets Pro and TradingView shows that the BTC sell-off kicked off in the early trading hours on Thursday and escalated into midday with the price hitting a low of $38,562 before dip buyers bid it back above support at $39,000.

BTC/USDT 1-day chart. Source: TradingView

Here’s what analysts have to say about the ongoing see-saw price action for BTC and what levels to keep an eye on for a bullish breakout or bearish downturn.

“Price compression precedes volatility”

Insight into the recent volatility for Bitcoin was offered by crypto trader and pseudonymous Twitter user ‘Rekt Capital’, who posted the following chart noting that “BTC is still consolidating between the green higher low support and the blue 50-week EMA resistance.”

BTC/USD 1-week chart. Source: Twitter

According to Rekt…

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