Bitcoin price climbed as high as $44,000. Currently, BTC is having a price correction and can likely back down to $42,800. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin price surpassed the $45,000 resistance level.
- Currently, the price is above $42,500 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, BTC has lost a key support level at $44,000.
- In case Bitcoin loses the $42,800, the correction will continue.
Bitcoin Price Action Analysis
Bitcoin has successfully remained above $42,000 which is crucial. Subsequently, BTC surpassed the $44,000 and $44,500 and at some point reached $45,000 and stabilized above the SMA100.
With that, BTC climbed as high as $45,500 before having a price correction. After that, BTC lost the $44,000 support level which is also a key level on the 1-hour chart. At some point, the price dipped below the 505% Fibonacci retracement level from the latest rise from $41,140 to $45,500. However, the buyers started to support BTC at $42,800.
The 61.8% Fibonacci retracement level is also a key support for the price. As for now, BTC is above $42,500 and the 1-hour candles are above the SMA100.
The first resistance level for Bitcoin is at $44,000 followed by $44,450. Surpassing this level could start a new rally for Bitcoin.
On the other hand, if Bitcoin price fails to start a new rally above $44,000, the downtrend will continue. In which case, the $42,800 will be the first support level followed by $42,500 and the SMA100. In case of losing the $42,500, BTC will likely approach $41,200.
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 below 50.
Resistance levels: Right now, the $44,000, $44,450 and $45,000 are the crucial resistance levels for BTC.
Support levels: The $42,800 and $42,500 are currently the key support levels for the price.
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