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.
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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