Bitcoin price had a rally reaching all the way to $42,000. Currently, BTC is having a price correction but it’s likely the buyers support the price at $40,000. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin surpassed the $42,000 resistance level.
- Currently, Bitcoin price is above $40,000 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, there is a crucial uptrend with support level at $40,250.
- In case BTC manages to stay above $39,500, there could be another rally to follow.
Bitcoin Price Action Analysis
Bitcoin price successfully remained above $40,000 and surpassed $42,000. At some point, BTC had a spike above $42,500 and stabilized above the SMA100. The highest recorded price in the past few hours is at $42,547 before a price correction occurred. Subsequently, BTC dipped below the $41,650 support level.
At this point, the price has penetrated the 23.6% Fibonacci retracement level from the latest rise from $37,160 to $42,547. BTC is consolidating around $40,800 and we have a crucial uptrend on the 1-hour chart with support level at $40,250.
The first resistance level for BTC is at $41,250 followed by $42,000 coming next. In case of a successful break through from $42k, Bitcoin price could form a new rally. Then, the $42,500 is the next resistance level which is a key level. The next level to expect is at $43,200.
On the other hand, if Bitcoin price fails to surpass $41,650, the correction will continue. In that case, the first support level is at $40,500 followed by $40,250. However, the key support level remains at $40,000 which is near the 50% Fibonacci retracement level. In case of losing the $39,500, the downtrend will gain momentum.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $41,250, $41,650 and $42,500 are the crucial resistance levels for BTC.
Support levels: The $39,500 and $40,250 are currently the key support levels for the price.
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