Bitcoin Price Prediction: Can BTC Recover Above $42,700 Support?
Bitcoin consolidates losses versus the US dollar above the $43,000 support level. BTC could correct upward towards the $44,275 or $44,850 barrier levels. Bitcoin has managed to remain above the $43,000 support level.
The price is still significantly lower than $45,000 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a key negative trend line is forming with resistance near $43,650. If the pair settles over $43,800, an upward correction may begin.
Bitcoin’s Price is Consolidating
Bitcoin’s price has continued to fall below the $45,000 support level. BTC even fell below $43,000, but the bulls resisted further declines. The price began trading in a range above $43,000, but it is still significantly lower than $45,000 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, it is now trading at a significant bearish trend line emerging with resistance near $43,650.
The first big stumbling block is located near the $43,830 mark. It is near the crucial drop’s 23.6 percent Fib retracement level from the swing high of $46,845 to the low of $42,905. The next resistance level may be near $44,275, where the price may struggle. If the price rises above $44,275, it may test the $44,875 barrier. It is close to the 50% Fib retracement level of the crucial drop from the $46,845 swing high to the $42,905 low.
To develop bullish momentum, Bitcoin needs to break over the $44,875 and $45,000 resistance levels. The price may move towards the $46,000 resistance zone in the scenario above. An intermediate resistance level could be seen at about $45,500.
More Bitcoin Losses?
If Bitcoin fails to break through the $44,875 resistance level, it may continue to fall. On the downside, there is immediate support near $43,000.
The next significant support is indicated near the $42,900 level or the latest low. A fall below the $42,900 support level might hasten losses. In the scenario above, the price could fall to the $42,200 support level in the near term. The next significant financial assistance could be $42,000. Good luck!
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