Bitcoin price gave another attempt to surpass $45,000 but failed once again. Currently, the price is having a correction but it is likely that the buyers rise to support BTC at $42,800. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin price surpassed $44,000 but faced selling pressure above this level.
- Currently, the price is above $43,500 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we have a key support level at $44,200 for an upward channel.
- It is likely for Bitcoin to dip as low as $43,000 or $42,800 until the buyers support the price.
Bitcoin Price Action Analysis
BTC finally managed to surpass $44,000 and reached $44,500 at some point. The price managed to stabilize above the SMA100.
However, BTC failed to touch $45,000 as the highest recorded price in the past few hours is at $44,770. Subsequently, with a price correction, the price lost the $44,500 level and lost another key support at $44,200 on the 1-hour chart.
As for now, BTC is below $44,200 and the 1-hour candles are above the SMA100. Bitcoin has penetrated the 23.6% Fibonacci retracement level from the latest rise from $41,573 to $44,770.
The first resistance level for the price is at $44,200 followed closely by $44,500. Surpassing $44,500 could pave the way for further growth. Following that, the next resistance level is at $45,000 followed by $45,500.
On the other hand, if Bitcoin price fails to surpass $44,500, the price correction will continue. For this scenario, the first support level is at $43,800 followed by $43,150. This level is near the 50% Fibonacci retracement level from the latest rise. In case of losing the $43,150, the price could have a strong decline. The next support level is expected to be $42,800 or the SMA100. Losing these levels would be detrimental for the price and cause a short-term plunge.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $44,200, $44,500 and $45,500 are the crucial resistance levels for BTC.
Support levels: The $43,800 and $43,150 are currently the key support levels for the price.
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