Bitcoin price prolonged above the $44,000 level against the US Dollar. Though BTC is correcting losses, it might find support near the $42,000 support zone.
Bitcoin scaled further higher above $44,000 before it faced sellers. The price is trading near $42,750, and the moving average is 100 hours simply.
There was a break below a key bullish regression line with support near $43,250 on the hourly chart of the BTC/USD pair. The pair is correcting gains, but dips could be limited below the $42,000 level.
Bitcoin Price is Correcting Gains Through Support
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 vital 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.
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 significant 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. Immediate support on the downside is near the $42,500 zone. The first significant support is seen near the $42,000 zone.
The critical increase’s 50% Fib retracement level 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.
More losses might push the bitcoin price towards the $40,500 support zone in the coming sessions.!