Bitcoin Price failed to surpass $45,000 yesterday. Following a price correction, BTC fell as low as $42,000 and further decline is likely. Here is a summary of Bitcoin in the past 24 hours:
- Bitcoin failed to surpass $44,500 and $45,000.
- Currently, the price is below $43,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we can see a new downtrend with support level at $43,000.
- In case BTC remains below the pivot point at $43,000, decline is likely to follow
Bitcoin Price Action Analysis
Bitcoin price had a successful bull run after breaking $43,000. At some point, it surpassed $44,000 as well as the SAM100 but it didn’t last long.
BTC failed to break through the $45,000 barrier. Subsequently a downward trend followed and the $44,000 and $43,500 failed to support the price. The price dipped below the 50% Fibonacci retracement level from the latest rise from $40,802 to $44,327.
As of now, the price is below $43,000 and the 1-hour candles are below the SAM100. For the 1-hour chart, there is a new downward trend with resistance level at $43,000.
BTC is currently ranging near $42,200. The buyers are supporting the price at 61.8% Fibonacci retracement level. The very first resistance level is at $42,800.
The next crucial resistance level is around $43,000 and the SMA100. In case of successfully stabilizing above this point, further growth is likely to follow. However, to remain bullish, the price has to break through the $45,000 resistance level in short-term
On the other hand, if Bitcoin fails to surpass $43,000, the bear run will gain momentum. Following that, the $42,200 will be the first support level.
The $42,000 will be the next support level for BTC. Dipping below this point would be bad nest for BTC since it could fall as low as $40,800. Naturally, persistence in decline would result bitcoin going below $40k.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $44,600, $43,000 are crucial resistance levels to beat.
Support levels: the $42,800, $43,000 and $4,500 are important support levels that will cause further decline if they are broken.
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