Bitcoin price went on a strong downward spiral and dipped below the $45,500 support level. In case BTC manages to remain above $42,400 and surpasses the $43,000, it could grow in short-term. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin lost the $45,500, $44,800 and $43,000 support levels.
- Currently, the price is above $42,400 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we can see a new downtrend with resistance level at $43,050.
- In case Bitcoin price manages to remain above $42,400 and surpasses the $43,050, it could grow in short-term.
Bitcoin Price Action Analysis
BTC failed to surpass the $47,500 resistance level and turned bearish. Following that, the price dipped below the $46,000 and $45,000 levels.
The sellers brought Bitcoin below the $43,500 and the lowest recorded price has been $42,140. By reaching this point, the price went for a recovery.
Currently, the price is below $43,000 and the 1-hour candles are far below the SMA100. For the 1-hour chart, we can see a downtrend with resistance level at $43,050.
The first resistance level is at $43,050 which is also the resistance level for the downtrend. Surpassing this level would turn the trend bullish in short-term. The next level is at $43,600 which is near the 23.6% Fibonacci retracement level. If BTC continues bullish, the $44,250 and $45,000 will be the next resistance levels to expect. The $45,000 is near the 50% Fibonacci retracement level. Further growth can lead the price closer to $45,570 and $46,500.
On the other hand, if Bitcoin price fails to surpass the $43,050, the price would have another correction. In that case, the first resistance level is at $42,200. Dipping below $42,200 would bring BTC closer to $41,800 and $41,270 levels. If BTC continues to bearish, the next support levels will be $41,000 and $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 30.
Resistance levels: Right now, the $43,050 is the crucial resistance level for BTC.
Support levels: The $42,400 and $42,200 are currently the crucial support levels for the price.
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