Bitcoin (BTC) On a Vital Juncture; Why Recovery Might be Challenging

  • Bitcoin continued its downside journey beneath the support level at $42K.
  • The coin still trades beneath $43K and 100hr Simple Moving Average.
  • BTC’s hourly chart indicates a forming bearish trend-line with resistance around $42,780 (Kraken data).
  • The pair needs a significant move past $42.8K for a new uptrend.

Bitcoin explored the $41,200 value areas before a slight recovery. The leading coin should overpower the $42,800 mark for steady near-term upswings.

BTC Price Nears Vital Resistance

Bitcoin sustained its price reactions within a negative region beneath the pivot level of $43,000. The crypto even violated the support at $42K to settle under 100hr SMA. Furthermore, a low emerged around $41,288, and the asset corrects higher now.

Bitcoin saw a move beyond the resistance at $42,000. The price rose past the 23.6% FIB retracement zone of the critical plunge from $43,800 towards lows of $41,288.

Meanwhile, Bitcoin’s initial resistance stands around $42,550, near 50% Fibonacci retracement of the plummets from a swing high of $43,800 to $41,288. For now, the primary resistance forms at $42.8K.

Moreover, the $BTC hourly chart indicates a critical bearish trend-line emerging with resistance at $42,780. An upward break past the trend-line resistance might translate to steady surges past $43,000.

The following vital resistance stands at $43.5K. Further upswings here might see BTC hitting the resistance zone at $44K. The next hurdle stands at $44.8K.

New Decline in Bitcoin?

Bitcoin’s failure to kick-start stable surges past $42,800 might lead to fresh plummets. Immediate downward support stands at $42,200. Nevertheless, the first critical support stands at $42,000.

Breaching this barrier with a downside move might mean Bitcoin exploring the support floor at $41,200. The following crucial stands at $40.5K, beneath which BTC bears might take control.

While publishing this article, Bitcoin trades at $41,755. Meanwhile, the global crypto market capitalization lost 1.7% within the past 24 hours, standing at $1.97 trillion at this publication.

BTC Technical Indicators

  • Hourly MACD slowly gains pace inside bullish region.
  • BTC/USD’s Hourly RSI stays beyond the 50-mark.
  • Critical support zones-$42K and $41.2K.
  • Crucial resistance levels – $42,550, $42.8K and $43.5K.