- Bitcoin embarked on downswings after touching the $43.4K value area.
- The price wavers beyond $42K and 100 hours SMA.
- Meanwhile, BTC’s one-hour chart reveals a bullish trend-line merging with $41,950 as a support level.
- The pair should steady beyond the $41.5K support area to remain within positive territory.
BTC began a stable upswing past the resistance level of $42K. The crypto tested $43.4K before the recent lower correction.
Bitcoin Price Still Upward
Bitcoin (BTC) launched stable upsurges after overpowering the resistance zone at $42K. The world’s favorite crypto gained momentum to move pat $42.5K, settling beyond the 100-hourly Simple Moving Average.
The upside action broke the resistance around $43.2K, trading at the $43,402 highs and currently corrects lower. The downswings saw a move beneath the 23.6% Fibonacci retracement area of the latest surge from a swing low of $40,510 to $43,402.
Nevertheless, bulls defended the support zone at $42K. Furthermore, BTC/USD’s hourly chart shows a vital bullish line developing with $41,950 as resistance. That is according to Kraken’s data feed. The bullish trend-line stands near the 50% Fibonacci retracement zone of the latest uptick from $40,510 to $43,402.
Upward movements will encounter resistance around $42.8K. Overcoming this hurdle will see BTC bulls battling the obstacle at $43K. Overcoming this resistance might trigger steady upward actions for the bellwether cryptocurrency. Such developments might witness the crypto exploring $43.5K. Further gains might send BTC higher to $44.2K in the upcoming sessions.
Downward Break in Bitcoin?
Bitcoin’s failure to overpower the resistance zone at $43K will translate to downswings. The closest support floor sits at $42K. Losing grounds will see BTC heading towards the next massive support floor near the trend-line and 100-hourly Simple Moving Average.
BTC has its primary support level at the $41,500 mark (the previous breakout area). A downward move beneath the support barrier at $41.5K might push the crypto lower towards $40.5K.
BTC Technical Indicators
- Crucial support zones – $42K and $41.5K
- Critical resistance zones – $2.8K, $43K, and $43.5K.
- 1-hr MACD losses pace inside bearish area.
- 1-hr Relative Strength Index stays beyond the 50-level.