Bitcoin fails to maintain above the critical support at $45,000. The leading coin depicts bearishness that has analysts speculating a correction towards the $40,000 levels.
Briefly –
- BTC extends its plunges beneath the $45.5K and $45K support areas.
- The coin now trades beneath $46,000 and the 100-hr SMA.
- A bearish trend-line emerges around the $45.8K resistance on BTC/USD’s hourly chart (Kraken data).
- The pair might see plummets as the levels above $45.5K might limit upside moves.
BTC Dips Further
Bitcoin started plummeting after failing to overpower the resistance around $48,000. The previous sessions had the leading cryptocurrency entering a bearish territory after breaking the $46,500 support.
The dominant asset consolidated over $45,500 before bearishness took control. Such actions saw Bitcoin dipping beneath the 100-Hr SMA and $45K support. As a result, Bitcoin dropped to $44.5K before extending its losses towards the $44,258 lows.
While writing this, BTC consolidates over the $44,500 area. As the crypto declined from $47,203 to the lows at $44,258, BTC broke over the 23.6% Fibonacci retracement of the current plunge.
On the uptrend, Bitcoin will face its initial resistance at the level of around $45,000. Meanwhile, the first crucial resistance lies around $45,700 (the current breakdown level). Also, the BTC/USD’s hourly chart sees a bearish trend-line emerging around the $45,800 mark.
If BTC overpowers the resistances as $45,700 – $45,800, it will gain enough momentum to claim the $47,000 mark in the short term.
BTC More Loses?
Bitcoin might see a continuous decline if it fails to gain over the resistance at $45,700 – $45,800. That way, it will have its first support around the $44,500 price level.
While writing this, Bitcoin has its initial crucial support at $44,200 as $43,800 acts as its next support.
Negative sentiments to send the price at the $43,800 support levels might see BTC plummeting towards $40,000.
The correct catalysts are necessary for Bitcoin to enjoy uptrends.
Technical Indicators
- Hourly MACD – MACD losses pace inside the bearish territory
- Hourly RSI – BTC/USD’s Relative Strength Index is beneath the 40-level.
- Vital support zones – $44.5k and $43.8k
- Vital resistance levels – $45.7K, $45.8K, and $47K
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
