(BTC) Bitcoin News TodayNewsPrice Analysis

Bitcoin (BTC) Heads Lower; Why It Might Dip Under $42.5K

  • BTC tried another upward break past $45.5K but failed.
  • Bitcoin changes hands beneath $43.5K and 100hr Simple Moving Average.
  • 1-hour chart shows a break under a crucial bullish trend-line with a support floor around $43.5K.
  • A clear move beneath the support zone of $42,500 may lead to sharp downside retracements.

Bitcoin could not overcome the resistance zone at $45,500 again. The crypto is plunging and might extend the losses to levels below $42,500.

BTC Price Corrects Recent Gains

Bitcoin price tried another upward break past the resistance zone around $45.5K. Nevertheless, the leading currency could not gain adequate strength beyond the $45.5K area. BTC formed a high of around $45.9K and started another fall.

The price dropped beneath supports at $45K and $44.5K. Moreover, BTC’s 1hr chart shows a break under a vital bullish trend-line with support at $43.5K. For now, the pair trades below $43.5K and the 100hr Simple Moving Average.

Now, Bitcoin is finding bids around $42.6K as the price consolidates losses. The closest resistance stands at $43,450. It is around the 23.6% FIB retracement area of the latest drop from $45.9K to $42,664. Nevertheless, the first massive resistance stands at $44Kk and the 100Hr SMA. The following vital resistance for Bitcoin stands at $44,250. The level stands near 50% Fibonacci retracement zone of the latest downswing to $42,664 from $45,900.

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A decisive upward break past $44,250 could clear the road for more upsurges. The primary resistance for bulls remains at $45.5K. While publishing this news, Bitcoin changed hands around $42,989.01.

Further Drops in Bitcoin

Bitcoin appears vulnerable to downswings after the latest surge. Though enthusiasts remain optimistic about the token, failure to climb beyond $44,250 might lead to continued downward moves. The closest support would appear neat $42,600.

Bitcoin may secure another vital support at $42,500. A downward break beneath this level might translate to massive plummets to $41,200.

Bitcoin Technical Indicators

  • Hourly Moving Average Convergence Divergence gains strength inside the bearish region.
  • Hourly Relative Strength Index stays below 50-mark.
  • Crucial support zones – $42.5K and $41.2K.
  • Critical resistance zones – $44K, $44,250, and then $45.5K.
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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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