Bitcoin has been doing pretty well in terms of holding up above $40k. But at the same time, it has been unable to break $45k. A week back, Bitcoin broke $45k but was unable to sustain above that level, and we saw an almost 10% correction. And Bitcoin has crept back up above $44k again, but it was unable to retest $45k. The price fell from $44.8k to $43.7k. Bulls are trying to push the price, but it seems that the $43.5k-$45k range won’t be easy to break through.
Bitcoin price action
Technically, the charts look positive. We have moved above the 50-day MA and EMA in the daily charts, and that has always been a good sign. There was some correction, but the price held firmly above critical levels, and there was a bounceback. It is important to note though $45k is a vital level to break, and we also have the 200 MA and EMA at $47k and $49.4k, respectively.
In the 4-hour chart as well, we are above the 20-day MA, and that is a bullish sign. Currently, the price of Bitcoin is trading near the 23.6% Fib level. Moving up from here, we could face resistance at $44.2k, which is the base of the broken rising channel. At the same time, if we break into this channel again and move past $44.5k, then the next resistance would be near $45.5k.
In case the correction extends further, and we break below $44k again, there is strong support at 43.1k, which is the 50% fib retracement level of the upward move from the $41.5k swing low to $44.7k high. We also have support at $42.8k, which is the 100 hourly SMA.
Altcoins
The recent 10% correction of Bitcoin affected altcoins quite a lot more. So, unless Bitcoin gains some momentum, it will be difficult to see higher gains on top altcoins. Ethereum has also yet to recover from the recent correction and is still $200 less than the high it made last week. At this point, the markets aren’t that great for alts, but it’s a good time to average in the dips.
What are your thoughts as Bitcoin is unable to retest $45k? And do you think bulls will try to get above $44.5k again, or bears will take over? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: DBS Bank from Southeast Asia to bring crypto trading for retail investors.