Bitcoin price had yet another plunge and fell below $42,000. In case BTC remains below the pivot point of $43,000, the decline could still continue. Here is a summary of Bitcoin price in the past 24 hours:

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  • Bitcoin lost the $42,000 support level.
  • Currently, the price is below $43,000 and the 1-hour candles are below the SMA100.
  • For the 1-hour chart, we can see an uptrend with resistance level at $41,650.
  • In case BTC remains below the $43,000 level, there could be further decline in short-term.

Bitcoin Price Action Analysis

Bitcoin lost the $45,000 and $43,500 levels and even dipped below the $42,000 and is still bearish.

Following that, the price stabilized below the $43,000 and the SMA100. The sellers tried to bring BTC down to $40,000 and the lowest recorder price is at $40,555. Following that, the price set for a recovery and managed to climb back above $42,000 and the SMA100. Yet again, the sellers initiated at $42,800 and turned BTC down again. The highest recorded price in the past few hours is $42,786 before another correction. BTC penetrated the 23.6% Fibonacci retracement level from the latest rise from $40,555 to $$2,786.

Currently, the price is hovering around $41,750 near the 50% Fibonacci retracement level. Furthermore, for the 1-hour chart, we can see a new uptrend with support level at $$1,650. The first important resistance level is at $42,250 and the SMA100. The next level will be at $43,000. In case of a successful breakthrough from $43,000, there could be a new uptrend with the next resistance level at $44,500.

On the other hand, if Bitcoin price fails to surpass the $43,000, the bear run will continue. In that case, the $41,800 will be the first support level followed by $41,650. By dipping below the support level for the trendline, the price would back down below $41,000. This would pave the way for BTC to quickly fall as low as $40,000.

The Technical Indicators

MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.

RSI: the 1-hour relative strength index is currently 50.

Resistance levels: Right now, the $42,759, $43,000 and $44,500 are the crucial resistance levels for BTC.

Support levels: The $41,650 and $40,000 are currently the crucial support levels for the price.

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