By Nathan Ferguson
BTC consolidates losses beyond the support floor at $43K. The dominant crypto can climb higher towards the resistance at $44,275, or $44,850.
- Bitcoin steadies beyond the support of $43K.
- The leading crypto stayed well beneath $45K and 100hr SMA.
- BTC/USD 1hr chart shows a crucial bearish trend-line developing with resistance at $43,650 (Kraken data).
- Settling beyond the $43,800 mark can support a new leg-up for BTC.
BTC Price Consolidates
BTC extended its downside well beneath the $45K support barrier. The pair even spiked under $43K, but bulls prevent further drops. The crypto began trading within a range beyond the $43K mark. Nevertheless, Bitcoin remained under $45K and 100hr SMA. For now, the digital coin hovered around a vital bearish trend-line developing with the resistance of $43,650 on the 1hr chart.
Bitcoin’s first barrier stands near $43,830. The area is near the 23.6% Fibonacci retracement zone of the vital fall from $46,845 to $42,905 lows. Another hurdle might appear at $44,275, where BTC may struggle. Meanwhile, a move past the level would see the crypto testing $44,875, the level near the 50% Fibonacci retracement of the $46,845 – $42,905 move.
BTC should overcome the resistance at $44,875, then $45K to accumulate a bullish strength. Such a development might witness the world’s largest cryptocurrency climbing towards the resistance barrier at $46K. However, an intermediate hurdle might showcase at $45.5K.
More Downside in Bitcoin?
BTC failing to overpower the resistance at $44,875 will trigger downward movements. That would see the digital currency hitting the initial support at $43K. Meanwhile, losing strength here will expose another dependable support barrier at $42,900, or the latest low. Breaching this level to the downside might mean accelerated losses for the dominant crypto. That way, BTC can fall towards the support at $42,200 in the short term. Another foothold for Bitcoin stands at $42K.
BTC struggled around the $43,630.99 at this publication. The crypto attempts a new leg-up as the broad market paints green. The global crypto market value stood at $2.01 trillion, surging 0.24% over the past day.
Major support levels: $43K, $42K.
Major resistance levels: $43, 875, $44K and $45K