Bitcoin’s price fell again, retesting the $40,000 support level. BTC is climbing, but it has to break through $42,350 to enter the positive zone.

  • Bitcoin is attempting another rise from the $40,000 support level.
  • The price is currently trading below $43,600 and the 100-hourly simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), there was a break above a connecting negative trend line with a resistance of approximately $41,300.
  • The pair may acquire positive momentum once it clears the $42,350 resistance zone.

Bitcoin Price Remains Stable

Bitcoin’s price has fallen significantly below the $43,500 and $43,200 support levels. BTC even fell below the $41,200 support level before the bulls resurfaced. A low near $39,999 was created, and the price is attempting to rise again.

The price has risen beyond the 23.6% Fib retracement level of the decline from the $44,699 swing high to the $39,999 low. Furthermore, on the hourly chart of the BTC/USD pair, there was a break above a connecting negative trend line with resistance near $41,300.

See also  FIL dropped toFIL Tests Key 38.2% Fib Support Level - Is a Recovery on the Horizon? a key 38.2% Fib support level - Is a recovery likely? - DailyCryptoTalks

Bitcoin, on the other hand, is still trading below $43,600 and the 100-hourly simple moving average. On the upside, immediate resistance is located near $42,000.

BTCUSD
BTCUSD price chart (source: trading view)

Near $42,350, the first substantial resistance is formed. It is close to the 50% Fib retracement level of the decline from the swing high of $44,699 to the low of $39,999.

A closure above the $42,350 resistance level may signal the start of a continuous rise. The next important resistance level might be near $43,000, after which BTC could surge toward $44,000. A clear break above $44,000 might pave the stage for a test of $45,000.

Dips in BTC Present a Buying Opportunity?

If Bitcoin fails to break through the $42,350 barrier level, it may fall further. On the downside, immediate support is approaching $41,200.

The next significant support level is at $40,550, below which the price may test the $40,000 level. There is potential for a significant drop if the price falls below $40,000.

Related News

Share.

Leave a Reply