Bitcoin price had its bull run and climbed all the way to $44,000. Currently, BTC is having a price correction. Here is a summary of Bitcoin price in the past 24 hours:
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- The sellers took control above the $44,000.
- Currently, the price is around $42,750 and the 1-hour candles are coming below the SMA100.
- For the 1-hour chart, we can see BTC has lost a key support level at $43,250.
- It is likely for BITCOIN to find support from buyers at $42,000.
Bitcoin Price Action Analysis
Bitcoin managed to surpass $43,200 and even went above $44,000 twice before the short sellers halted the growth. The highest recorded price in the past few hours has been $44,420. BTC has penetrated the 23.6% Fibonacci retracement level from the latest rise from $39,660 to $44,420. Furthermore, we can see BTC has lost a key support level at $43,250. As of now, the price is around $42,750 and the 1-hour candles are dipping below the SMA100.
The first resistance level is at $43,000 followed closely by $43,200. Stepping above this level would pave the way for BTC to reach $44,000 once again. Following that, the next stop will be at $44,400 and then the $45,500 will be next.
On the other hand, if Bitcoin price fails to surpass the $43,200 and turns downward, the price would have another dip. In that case, the $42,500 will be the first support level followed by $42,000. This level is near the 50% Fibonacci retracement level. Dipping below $42,000 could bring BTC down to $41,500 and then $40,500.
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 $43,200, $44,000 and $44,400 are the crucial resistance levels for BTC.
Support levels: The $42,500 and $42,000 are currently the crucial support levels for the price.
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