Why Bitcoin is At Risk of Drop Below $42,500 In Short-term

 2022-02-09 06:02:14

Bitcoin extended increase above the $44,000 resistance zone. BTC is correcting gains and might decline further if it breaks the $42,800 support.


Bitcoin price remained in a positive zone above the $42,000 level. BTC gained pace for a move above the $44,000 and $44,500 levels yesterday. It even surpassed the $45,000 level and settled above the 100 hourly simple moving average.



It traded as high as $45,500 and recently started a downside correction. There was a move below the $44,000 support level. Besides, there was a break below a key bullish trend line with support near $42,800 on the hourly chart of the BTC/USDT pair.


Bitcoin price is now trading near $43,500 and above the 100 hourly simple moving average. On the upside, an immediate resistance is near the $44,000 level. There is also a connecting bearish trend line with resistance near $44,000 on the same chart. The next major resistance is near the $44,450 zone, above which the price may perhaps start a fresh increase in the near term.


If bitcoin fails to start a fresh increase above $44,000, it could continue to move down. An immediate support on the downside is near the $42,800 zone. The next major support is seen near the $42,500 level and the 100 hourly simple moving average. If there is a downside break below the $42,500 support, the price could slide towards the $41,200 level.


Technical indicators:

Hourly MACD The MACD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) The RSI is now near the 50 level.

Major Support Levels – $42,800, followed by $42,500.

Major Resistance Levels $44,000, $44,450 and $45,500.


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.

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