The past couple of days have been a bit challenging in the crypto market, with bitcoin dropping to a new multi-day low of $44,230. After Bitcoin rushed to $48,000 for the second time since mid-August, the long funds did not follow up in time, causing the price to fall rapidly, and today the lowest fell to $43,955 at the time of wirting. The price has not been able to break through the key resistance this time, indicating that there is insufficient confidence in the advancement of long funds in the short term. Analysts on Bexplus expect Bitcoin prices to undergo short-term shock adjustments.
Bitcoin is facing a major resistance near the $45,500 and then $46,000 levels. The price is now trading below $45,000 and the 100 hourly simple moving average. If bitcoin could clear the $45,500 resistance levels, it could attempt more gains above the $46,000 level.
If bitcoin fails to climb above the $45,000 and $45,500 resistance levels, it could extend its decline. The first support on the downside shall near the $44,250 level.
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI – The RSI is now above the 40-level.
Major Support Levels – $44,250, followed by $43,500.
Major Resistance Levels – $45,000, $45,500 and $46,000.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.