Bitcoin Price Starts Corrective Decrease, Can Bulls Protect Losses

Bitcoin extended increase above the $44,000 level against the US Dollar. BTC is correcting losses, but it might find support near the $42,000 support zone.

Bitcoin climbed further higher above $44,000 before it faced sellers.
The price is trading near $42,750 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $43,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is correcting gains, but dips could be limited below the $42,000 level.

Bitcoin Price Corrects Gains
Bitcoin price extended increase above the $43,200 resistance zone. BTC even spiked above the $44,000 level on two occasions before the bears took a stand.
A high was formed near $44,420 and the price is now correcting lower. There was a move below the 23.6% Fib retracement level of the key increase from the $39,660 swing low to $44,420 high. Besides, there was a break below a key bullish trend line with support near $43,250 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading near $42,750 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $43,000 level.

Source: BTCUSD on TradingView.com
The next major resistance is near the $43,200 level. A clear move above the $43,200 level might send the price towards the $44,000 resistance. Any more gains may perhaps call for a test of the $44,400 resistance zone. The next major resistance is near the $45,500 level, where the bears might appear.
More Losses in BTC?
If bitcoin fails to start a fresh increase above $43,200, it could continue to move down. An immediate support on the downside is near the $42,500 zone. The first major support is seen near the $42,000 zone.
The 50% Fib retracement level of the key increase from the $39,660 swing low to $44,420 high is also near the $42,000 level. A downside break below the $42,000 support zone could lead the price towards the $41,500 level. Any more losses might push the price towards the $40,500 support zone in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $42,500, followed by $42,000.
Major Resistance Levels – $43,200, $44,000 and $44,400.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,999.23
ethereum
Ethereum (ETH) $ 1,876.77
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 279.53
usd-coin
USD Coin (USDC) $ 0.999780
xrp
XRP (XRP) $ 0.528635
staked-ether
Lido Staked Ether (STETH) $ 1,876.01
cardano
Cardano (ADA) $ 0.347196
dogecoin
Dogecoin (DOGE) $ 0.069603
solana
Solana (SOL) $ 20.20
matic-network
Polygon (MATIC) $ 0.811011
tron
TRON (TRX) $ 0.078684
litecoin
Litecoin (LTC) $ 89.92
polkadot
Polkadot (DOT) $ 5.15
avalanche-2
Avalanche (AVAX) $ 14.52
binance-usd
Binance USD (BUSD) $ 0.997384
shiba-inu
Shiba Inu (SHIB) $ 0.000008
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,029.24
uniswap
Uniswap (UNI) $ 4.75
leo-token
LEO Token (LEO) $ 3.52
chainlink
Chainlink (LINK) $ 6.20
cosmos
Cosmos Hub (ATOM) $ 10.06
okb
OKB (OKB) $ 45.16
monero
Monero (XMR) $ 146.43
ethereum-classic
Ethereum Classic (ETC) $ 17.42
the-open-network
Toncoin (TON) $ 1.67
stellar
Stellar (XLM) $ 0.089320
bitcoin-cash
Bitcoin Cash (BCH) $ 114.40
lido-dao
Lido DAO (LDO) $ 2.34
true-usd
TrueUSD (TUSD) $ 0.999706
internet-computer
Internet Computer (ICP) $ 4.36
filecoin
Filecoin (FIL) $ 4.35
quant-network
Quant (QNT) $ 115.63
aptos
Aptos (APT) $ 8.10
hedera-hashgraph
Hedera (HBAR) $ 0.049486
crypto-com-chain
Cronos (CRO) $ 0.059527
arbitrum
Arbitrum (ARB) $ 1.18
near
NEAR Protocol (NEAR) $ 1.51
vechain
VeChain (VET) $ 0.018569
apecoin
ApeCoin (APE) $ 3.04
the-graph
The Graph (GRT) $ 0.117510
paxos-standard
Pax Dollar (USDP) $ 0.998778
frax
Frax (FRAX) $ 0.997643
algorand
Algorand (ALGO) $ 0.135384
eos
EOS (EOS) $ 0.884673
the-sandbox
The Sandbox (SAND) $ 0.520600
optimism
Optimism (OP) $ 1.47
rocket-pool
Rocket Pool (RPL) $ 48.76
elrond-erd-2
MultiversX (EGLD) $ 36.40