Bitcoin price finally surpassed $42,000 and reached $43,400. Currently, BTC is having a price correction. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin price reached $43,400 before having a price correction.
- Currently, BTC is trading above $42,000 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we have a new uptrend with support level at $41,950.
- In order to remain bullish, BTC must remain above $41,500.
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Bitcoin Price Action Analysis
Bitcoin started a new uptrend and surpassed the $42,000 resistance level. As the uptrend gained momentum, it moved above $42,500 and stabilized above the SMA100. At some point, BTC even managed to move above $43,200 and reach a 24-h high of $43,402. Following that, a price correction followed and BTC dipped below the 23.6% Fibonacci retracement level from the latest rise from $40,501 to $43,402.
Despite that, the buyers seem to support the price at $42,000. On the 1-hour chart, we have a crucial uptrend with support level at $41,950. This level is near the 50% Fibonacci retracement level from the latest rise.
The first resistance level is at $42,800 followed by $43,000 which is a key resistance level. In case of a breakout from this point, BTC could reach $43,500. Further growth would pave the way for the price to reach $43,500 and $44,200.
On the other hand, if Bitcoin price fails to surpass $43,000, the correction will continue. In which case, the first support level will be at $42,000 followed by SMA100 that is nearby. However, the key support level is located at $41,500. Dipping below $41,500 can bring BTC as low as $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 momentum.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $42,800, $43,000 and $43,500 are the crucial resistance levels for BTC.
Support levels: The $42,000 and $41,500 are currently the key support levels for the price.
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