By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
BlockscrollBlockscroll
Notification Show More
Latest News
Alameda Files Lawsuit to Recoup $446 Million in Cryptocurrency paid to Voyager
Alameda Files Lawsuit to Recoup $446 Million in Cryptocurrency Paid to Voyager
Crypto
OpenSea Expands NFT Category's Game Option
OpenSea Expands NFT Category’s Game Option
Blockchain NFT
Mastercard and Binance partnered to offer prepaid services in Brazil
Mastercard and Binance partnered to offer prepaid services in Brazil
Crypto
Bitcoin Soars to Record Heights with its Best January in Last 10 Years
Bitcoin Soars to Record Heights with its Best January in Last 10 Years
Bitcoin Crypto Ethereum
Nigerian Bitcoin Premium Reaches 60% as ATM Withdrawals are Restricted
Nigerian Bitcoin Premium Reaches 60% as ATM Withdrawals are Restricted
Bitcoin
Aa
  • Bitcoin
  • Blockchain
  • Ethereum
  • Contact Us
Reading: Bitcoin Dives Further, Here’s Why BTC Could Find Bids Near $42K
Share
BlockscrollBlockscroll
Aa
Search
Have an existing account? Sign In
Follow US
  • Bitcoin
  • Blockchain
  • Ethereum
  • Contact Us
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Blockscroll > Bitcoin > Bitcoin Dives Further, Here’s Why BTC Could Find Bids Near $42K
Bitcoin

Bitcoin Dives Further, Here’s Why BTC Could Find Bids Near $42K

Eric Guerr
Last updated: 2022/11/19 at 11:59 AM
By Eric Guerr 2 years ago
Share
3 Min Read
Bitcoin
SHARE

Bitcoin price extended its decline below the $45,000 support zone against the US Dollar. BTC is declining and it could soon test $42,000 or $40,000 in the near term.

Bitcoin started a major decline from well above $50,000 and it even traded close to $45,000
The price is now trading well below $45,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $45,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to find bids near the $42,000 zone or $40,000 in the coming sessions.

Bitcoin Price Extends Losses
Bitcoin failed to settle above the $50,000 level and started a fresh decline. BTC broke many important supports near $48,000 and $47,000 to move further into a bearish zone.
The price traded below the $45,000 support level and settled well below the 100 hourly simple moving average. Recently, there was a minor upside correction from the $43,800 zone. The price climbed above the $45,000 level, but it failed to extend gains.

Source: BTCUSD on TradingView.com
A high was formed near $46,645 before the price started a fresh decline. There was a break below the $45,000 support zone. There is also a key bearish trend line forming with resistance near $45,000 on the hourly chart of the BTC/USD pair.
The pair even broke the recent swing low at $43,869 and it is extending losses. An initial support is near the $43,200 level. It is near the 1.236 Fib extension level of the upward move from the $43,869 low to $46,645 high.
The main support is near the $42,000 zone. It is close to the 1.618 Fib extension level of the upward move from the $43,869 low to $46,645 high. Any more losses might call for a test of the $40,000 support zone.
Fresh Increase in BTC?
If bitcoin stays above the $42,000 support zone, there are chances of a decent increase. An initial resistance on the upside is near the $45,000 level and the trend line.
The main resistance is near the $46,500 zone. A close above the $46,500 level is needed to start a steady increase in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving lower towards the 20 level.
Major Support Levels – $42,000, followed by $40,000.
Major Resistance Levels – $45,000, $46,500 and $48,000.

You Might Also Like

Bitcoin Soars to Record Heights with its Best January in Last 10 Years

Nigerian Bitcoin Premium Reaches 60% as ATM Withdrawals are Restricted

Bahrain’s Top Real Estate Developer Accepts Bitcoin and Shiba Inu Payments

Russia Proposes a Ban on Cryptocurrency Mining in Residential Areas

Crypto Price Update: Bitcoin and Ethereum Price Drops and Meme Coins Fall

Eric Guerr May 18, 2021
Share this Article
Facebook Twitter Email Print
Share
Eric Guerr
By Eric Guerr
Eric is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood, and loves listening to folk music.
Previous Article Bitcoin And Ethereum Bleed 10% In Violent Crypto Market Shakeout
Next Article How to Create Central Bank Digital Currency (CBDC) over XinFin (XDC) Network? 
BlockscrollBlockscroll
Follow US

© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?