Bitcoin Price Analysis: The price is likely to fall below $ 42,500

The uptrend of bitcoin was followed yesterday by the crossing of resistance of $ 44,000 and $ 45,000. However, the market is currently adjusting for the jump in recent days and the price is likely to continue to fall to $ 42,500.

According to BT News, the upward trend over the weekend was followed by the passage of bitcoin over $ 42,000. Following this upward trend, buyers managed to overcome the resistance of $ 44,000 and $ 44,500, and while the high price of the 100-hour moving average (SMA) stabilized, at one point the resistance was $ 45,000. It broke.

After the price reached its highest daily level of $ 45,500, the market began to decline. At the time of the fall, support for $ 44,000 and the uptrend line on the chart were initially lost. Support for the 50% Fibonacci correction level of $ 43,300 also fell during the fall. In this analysis, Fibonacci levels are adjusted based on the upward movement of the price from $ 4,140 to a peak of $ 45,500.

However, buyers were active at the Fibonacci correction level of 61.8% and supported the price. Bitcoin is currently over $ 43,500 and a simple 100-hour moving average, and if the market continues to rise, the closest price resistance will be at $ 44,000.

Bitcoin Price Analysis: The price is likely to fall below $ 42,500
Bitcoin price chart (click on the image to see the original size)

Read also: What is the difference between bullish trading and bearish digital currency market?

A crossover trend is also observed in the 1-hour bitcoin / dollar market, which is resisting in the range of 44,000 dollars. Crossing this resistance could be a spark to start a new uptrend in the bitcoin market.

On the other hand, if buyers cannot continue to overcome the resistance of $ 44,000, the bearish correction is likely to deepen. In this case, the nearest price support will be $ 42,800.

The $ 42,500 level and the simple 100-hour moving average act as the next price support, and the loss of support in this range may be accompanied by a price drop to $ 4,200.

The MACD is on a downward trend and the Relative Strength Index (RSI) is below 50.

As mentioned, $ 42,800 and $ 42,500 are key to bitcoin support, and $ 44,000, $ 44,450 and $ 45,000 also act as price resistance.

The publication Analysis of Bitcoin Prices: Prices May Fall Under $ 42,500 appeared for the first time in digital currency.

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