🔥🔥🔥 Hard To Be “Too Scared Of #Bitcoinprice Action,” Says Analyst. Here’s Why

Bitcoin Market Analysis: Relative Unrealized Loss

Decline in Relative Unrealized Loss

- November 2022 Bear Market: Relative Unrealized Loss peaked.

- Current Status: Metric close to zero, indicating negligible market losses relative to market cap.

Factors Contributing to the Decline

- Bitcoin Price Surge: Approaching a new all-time high (#ATH ), making the entire supply profitable and reducing Unrealized Loss to zero.

Current Market Insights

- Indicator’s Value: Remains low despite bearish price action, suggesting limited excessive buying at higher prices.

- Historical Context: Bull market tops typically see spikes in Unrealized Loss due to minimal price drops causing losses for late buyers. This pattern hasn’t emerged in the current cycle.

- Analyst Commentary: Checkmate noted, “It is hard for me to be too scared of Bitcoin price action when unrealized losses look like this,” indicating cautious optimism.

Bitcoin Price Update

- Current Trading Price: $65,481, continuing a #BEARISH📉 trend.

Source - newsbtc.com

#CryptoMarkets #BinanceSquareBTC $BTC

🔥🔥🔥 #Bitcoinprice Eyes Upside Break, Can Bulls Send BTC To $75K?

Bitcoin is holding onto its gains above the $69,200 mark, with the potential for further #bullish momentum if it manages to surpass key resistance levels at $70,800 and $71,250.

Currently, Bitcoin is striving to climb above the $70,000 threshold, maintaining its position above this level and the 100-hourly Simple Moving Average. However, it faces resistance in the form of a bearish trend line, with a hurdle emerging at $70,800, as indicated by data feed from Kraken.

Bitcoin's recent attempt to push beyond $70,500 encountered obstacles around $71,200 and $71,400, resulting in a minor pullback. Despite this, the bulls remain active, preventing the price from dipping significantly below $69,200, which aligns closely with the 50% Fibonacci retracement level of the recent upswing from the $67,500 low to the $71,250 high.

As of now, Bitcoin is trading above $70,000 and the 100-hourly SMA, with immediate resistance anticipated around $70,800. Additionally, a bearish trend line is forming, adding to the resistance level.

In the event of a successful breach above $71,250, Bitcoin could see further upward movement, with the next resistance points at $71,400 and $72,600. Beyond these levels, the #cryptocurrency may target the $73,500 and $75,000 zones in the short term.

Conversely, if Bitcoin fails to overcome the $71,250 resistance, it may experience another decline. Initial support is expected around $70,400, followed by the 100-hourly SMA. Further support levels lie at $69,350 and $68,500, with a potential drop to the $67,500 zone if selling pressure persists.

Analyzing the technical indicators, the hourly MACD is showing bullish momentum, while the hourly RSI for BTC/USD is currently above the 50 level.

Key support levels to watch include $70,400 and $69,350, with major resistance levels at $70,800, $71,250, and $72,600.

Source - newsbtc.com

#CryptoNews🔒📰🚫 #BinanceSquareBTC

🔥🔥🔥 #Bitcoinprice Drops Below $37,000 Amid Profit-Taking and Caution Ahead of #cpi Data 🔥🔥🔥

There are a few possible explanations for this pullback. One possibility is that investors are taking profits after the recent rally. Another possibility is that investors are cautious ahead of the US CPI data release later this week. The CPI data is a key indicator of inflation, and a higher-than-expected reading could lead to a sell-off in risk assets, including Bitcoin.

It is also important to note that the crypto market is still very volatile, and it is common to see sharp price swings. A 1.10% drop in Bitcoin's price is not necessarily a cause for concern, and it is possible that the price will rebound in the coming days.

Here are some factors that could affect Bitcoin's price in the near term:

- The US CPI data release on November 15th

-The approval of Bitcoin and Ethereum ETFs by the US SEC

-The institutionalization of crypto

-The overall market sentiment

Overall, it is too early to say whether the recent pullback in Bitcoin's price is a sign of a larger reversal or just a temporary correction. Investors should always do their own research before making any investment decisions.

***Please Note It's not paid content***

#CryptoNews #BinanceSquareTalks #BinanceSquareBTC

👉👉👉 #gbtc ETF Sees Another $515M in Outflows as #Bitcoinprice Remains Below $40k

On January 23, GBTC reported additional outflows totaling $515 million, bringing the total outflows to $3.4 billion since its conversion to a spot ETF earlier this month. In contrast, nine recently approved spot Bitcoin ETFs recorded total inflows of $249 million.

Despite the US SEC's approval of spot ETFs, Bitcoin erased all its gains and traded below $40,000, witnessing a market cap reduction of nearly $200 billion this week. At the time of writing, Bitcoin is trading at $39,700. The notable surge in GBTC outflows is attributed to the actions of the now-defunct #FTX crypto exchange, which reportedly sold around two-thirds of its 22.3 million GBTC shares over a three-day trading period. FTX still holds about 8 million shares, valued at approximately $281 million, awaiting liquidation.

Bloomberg ETF analyst Eric Balchunas observed that the latest data suggests a potential slowdown in GBTC outflows. Grayscale's website indicates 600.5 million outstanding shares, representing a trust holding of 536,694.9 Bitcoin. Since January 10th, a total of 82,525 Bitcoin has exited the GBTC platform, as per CC15Capital data.

An analyst from Bitfinex noted that the #BTC🔥🔥 price, staying below the $43,000 level, has wiped out over half of the profits accumulated by short-term holders. Considering these dynamics, the analyst suggested that a significant price correction below current levels across the market would not be surprising.

Source - Cryptonews.com

#CryptoNews $BTC

👉👉👉 #Bitcoinprice Faces Uphill Task But Indicators Signal More Upsides

Bitcoin's price is currently consolidating its gains above the crucial $69,000 support level, with its upward momentum facing a significant obstacle near the $71,500 resistance zone.

Despite encountering resistance near $71,500, Bitcoin is exhibiting positive signs and remains above the $69,000 mark, supported by the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a major bullish trend line is taking shape, providing support at approximately $69,120.

Following multiple attempts to breach the $71,500 resistance, Bitcoin experienced a downside correction, dipping to the $68,400 support level. However, a rebound ensued, with the price climbing above the 23.6% Fib retracement level of the recent downward move from the swing high of $71,746 to the swing low of $68,366.

Bitcoin's current trading position above $69,000 and its 100-hourly Simple Moving Average signal ongoing strength in its bullish trend. Immediate resistance lies near the $70,000 level, followed by the 50% Fib retracement level around $71,200.

The primary obstacle remains at $71,500, and a clear breakthrough above this resistance zone could pave the way for further upward momentum, potentially pushing Bitcoin towards the $72,500 resistance level in the near term.

However, if Bitcoin fails to surpass the $71,200 resistance, it may initiate another downward movement. Initial support is anticipated around $69,200 & the trend line, with the $68,400 level serving as crucial support. Further support levels include $67,500 and, in the event of a significant decline, the $66,000 support zone.

Bitcoin's price shows a slight loss in bearish momentum per the hourly MACD, while the hourly RSI remains above 50. It's currently testing crucial support and resistance levels, with a breakthrough above $71,500 indicating potential #bullish momentum, while failure could prompt further downside pressure toward lower support levels.

Source - newsbtc.com

#CryptoNews🔒📰🚫 #BinanceSquareTalks #cryptocurrency $BTC

🔥🔥🔥 #Bitcoinprice Turns At Risk of More Losses – Why BTC Could Revisit $40K

Bitcoin experienced a notable setback after reaching close to the $49,000 mark, initiating a gradual decline. Presently trading below $43,500 and the 100-hourly Simple Moving Average, the BTC/USD pair faces a bearish trend line resistance around $42,850, as depicted in the hourly chart from Kraken.

The potential for a fresh decline looms if the price drops below the $41,500 support zone. The failure to test the $50,000 resistance zone led to a substantial downturn, with Bitcoin plunging below key support levels at $48,000, $46,500, and $45,000. The decline exceeded 12%, reaching the $41,500 support zone before initiating a recovery.

Although Bitcoin briefly surpassed the $42,000 resistance, it remains below $43,500 and the 100-hourly Simple Moving Average. The immediate resistance is around $42,800, marked by a connecting bearish trend line. A clear breach above the $43,250 resistance could propel the price towards $44,000, with subsequent hurdles at $45,200 and $47,000.

Failure to surpass the $43,250 resistance might prompt a fresh decline, finding immediate support around $42,120. The critical support lies at $41,500, and a breach below it may initiate a bearish momentum, potentially driving the price towards the $40,000 support. Technical indicators show the #MACD losing pace in the bearish zone, while the #RSI for BTC/USD is below the 50 level. Major support levels are $42,120 and $41,500, with resistance levels at $42,800, $43,250, and $44,000.

Source - newsbtc.com

#CryptoNews #BinanceSquareBTC

👉👉👉 #Bitcoinprice Rejects 48K After The #SEC Drama But Uptrend Still Intact

Bitcoin experienced a surge towards $48,000 following a tweet from a compromised SEC account about ETF approval. Despite retracing gains, the uptrend support remains near $45,200.
BTC spiked towards $47,800 & $48,000 resistance levels.
It currently trades above $45,500 & the 100 hourly Simple Moving Average.

A significant contracting triangle is forming, with resistance near $46,800 on the BTC/USD hourly chart (data from Kraken).
The potential for further upward movement towards $48,000 exists unless there is a close below $45,000.

Bitcoin Price Rebounds

Bitcoin initiated an upward move above the $45,500 resistance after a tweet from the hacked SEC account hinted at ETF approval. Gaining momentum above $46,000 & $46,500, the price faced rejection near $48,000 following clarification.

The subsequent decline dipped to $44,828 before a recovery. BTC is now back above the 23.6% Fib retracement level of the recent drop from $47,988 to $44,828.

Trading above $45,500 & the 100 hourly Simple Moving Average, a significant contracting triangle is forming, with resistance near $46,800 on the hourly BTC/USD chart. Immediate resistance lies near $46,400, close to the 50% Fib retracement level of the recent decline.

For further upward movement, a clear break above the $46,800 resistance could propel the price towards $47,200 & the next resistance near $48,000. A decisive close above $48,000 might lead to further gains, targeting the major resistance at $49,250.

Potential Losses in BTC

BTC faces potential losses if it fails to break the $46,800 resistance. Initial support is at $45,550, followed by significant support at $45,200. A breach below $45,200 may signal #bearish momentum, targeting the $44,800 support.

Technical Indicators:

- Hourly #MACD : Losing momentum in the bearish zone.

- Hourly #RSI (Relative Strength Index): Below the 50 level.

- Major Support Levels: $45,500, followed by $45,200.

- Major Resistance Levels: $46,400, $46,800, and $47,200.

Source - ewsbtc.com

$BTC

🎯The global distribution of bitcoin mining has been estimated, revealing the following concentration:

🇺🇸 USA - 40%
🇨🇳 China - 15%
🇷🇺 Russia - 12%

✨Hashrate production by regions:

⚫North America - 45.6%
⚫Asia - 41.1%
⚫Africa - 2.2%

#bitcoin #BitcoinPriceUpdate #Bitcoinprice

Decoding Bitcoin inflows: A Closer Look at Exchange Dynamics and Investor Trends in 2023.

"Spot volumes are currently at historic lows, while derivative volumes have reached record highs relative to spot trading."

#Bitcoinprice

🚀🚀🚀 #Bitcoinprice Eyes Recovery But Can #BTC🔥🔥 Bulls Regain Strength?

Bitcoin is attempting to break above the $40,500 resistance, but faces strong hurdles near $40,850 and $41,350. Currently trading just above $40,000 and the 100 hourly Simple Moving Average (SMA), BTC is in a recovery phase from the $38,500 support.

After forming a base, Bitcoin recovered above the 23.6% Fib retracement level of the downward move from $42,261 to $38,518. Active buying is noted above $39,200 and $39,350 levels. However, challenges lie ahead around $40,400, with immediate resistance near $40,250. A crucial bearish trend line is forming, presenting a hurdle at $40,250 on the hourly chart of the BTC/USD pair.

Further obstacles include $40,380 and the 50% Fib retracement level, above which the price might test $40,850. A clear breakthrough above $40,850 could lead to a test of $41,250, followed by significant resistance at $42,000. A close above $42,000 might propel the price even higher, with the next major resistance at $42,500.

On the downside, failure to surpass the $40,380 resistance may trigger a decline. Initial support is near $39,420, followed by a more substantial support at $38,500. A close below $38,500 could pave the way for bearish momentum, potentially leading to a decline towards the $37,000 support in the near term.

Technical indicators reveal the MACD losing pace in the bearish zone, while the RSI for BTC/USD is above the 50 level. Key support levels include $39,420 and $38,500, while resistance levels are at $40,250, $40,400, and $40,850.

Source - newsbtc.com

#CryptoNews $BTC #BinanceSquare #cryptocurrency

#Bitcoinprice Takes Hit, Can Bulls Protect The Main Support at $40K?

Bitcoin faced selling pressure below the $41,450 support zone and is displaying bearish signals, potentially struggling to hold above the $40,000 support level.

Despite attempting a recovery above the $43,250 resistance, Bitcoin couldn't sustain upward momentum and initiated another decline, breaching the $42,120 support. The bears successfully pushed the price below $41,450, establishing a new weekly low near $40,625. Currently consolidating losses, Bitcoin is trading near the 23.6% Fib retracement level of the recent downtrend from the $43,569 swing high to the $40,625 low.

As Bitcoin trades below $42,000 and the 100 hourly Simple Moving Average, a key bearish trend line is forming with resistance around $42,100 on the hourly chart. Resistance at $41,675 is the immediate hurdle, followed by the $42,100 zone and the trend line. This area aligns closely with the 50% Fib retracement level of the recent decline.

A successful break above $42,100 resistance might propel the price towards the $43,250 resistance, and further gains could target the $43,500 level. Beyond that, the next significant resistance stands at $44,450.

Conversely, if Bitcoin struggles to surpass the $42,100 resistance, it could face additional downsides. Initial support lies near $40,750, followed by the crucial $40,500 level. A close below $40,500 might intensify bearish momentum, leading Bitcoin towards the $40,000 support in the short term.

Technical indicators depict increased bearish momentum, with the #MACD gaining pace in the bearish zone and the hourly #RSI dropping below the 50 level.

In summary, Bitcoin is encountering challenges in its attempt to rally, and failure to break above key resistances could result in further losses. On the downside, the $40,500 support remains crucial, and a breach may lead to increased selling pressure, testing the $40,000 support level.

Source - newsbtc.com

#CryptoNews #BinanceSquareBTC $BTC

👉👉👉 11 Bitcoin miners may not mine profitably post #halving : Cantor Fitzgerald

If the price of Bitcoin (#BTC🔥🔥 ) fails to surge significantly after the upcoming halving, eleven of the largest publicly traded Bitcoin miners, including Marathon Digital, Riot Platforms, and Core Scientific, may struggle to mine Bitcoin profitably, according to analysts at Cantor Fitzgerald. The analysis, referencing research from Cantor Fitzgerald, indicates that these miners might face increased pressure as the revenues they generate from mining operations may not outweigh the associated costs. Argo Blockchain and Hut 8 Mining are identified as potentially the most unprofitable after the halving, with an "all in" cost-per-coin rate of $62,276 and $60,360, respectively.

Cantor analysts anticipate that, assuming an average price of $40,000 per Bitcoin and no drastic changes in hash rate, only Singapore-based miner Bitdeer and U.S. mining firm CleanSpark are expected to maintain profitability following the halving. The "all in per coin" metric considers total costs incurred by a Bitcoin miner to produce a single Bitcoin, including electricity costs, hosting fees, and other cash expenses.

The Bitcoin halving, scheduled for April, involves a reduction in mining rewards by half for Bitcoin miners. While some see this as a bullish long-term factor for Bitcoin's price, miners with high operational costs could face challenges, especially if the #Bitcoinprice fails to cover these costs. The anticipation is that Bitcoin will experience a significant price jump in the months following the halving, according to many market commentators.

Source - cointelegraph.com

#CryptoNews #BinanceSquare $BTC

🔥🔥🔥 #Bitcoinprice Consolidates Above $70K As Bulls Prepare For More Gains

Bitcoin's price is consolidating its gains above the crucial $70,000 resistance zone, indicating the potential for further #bullish momentum if it manages to surpass the $71,500 resistance level in the near future.

After moving into a positive zone above $66,500, Bitcoin continued its upward trajectory, breaching key resistance levels at $69,500 and $70,000. The price eventually tested the $71,500 resistance zone, establishing a new weekly high near $71,557 before entering a phase of consolidation.

Although there was a minor pullback below the 23.6% Fibonacci retracement level of the recent upward swing from the $66,811 swing low to the $71,557 high, Bitcoin remained well-supported above the $69,000 level.

Presently, Bitcoin is trading comfortably above $70,000 and the 100 hourly Simple Moving Average, further reinforcing its positive sentiment. Additionally, a significant bullish trend line is taking shape, with support around $68,500 on the hourly chart of the BTC/USD pair. This trend line coincides closely with the 61.8% Fibonacci retracement level of the aforementioned upward move.

In terms of resistance, the immediate hurdle lies near the $70,800 level, followed by the crucial $71,500 resistance zone. A clear breakthrough above this zone could pave the way for further upside potential, with potential targets including $72,500 and $73,500.

If Bitcoin struggles to surpass the $71,500 resistance, a downside correction is possible. Initial support levels are at $70,000, $69,000, and $68,500, with a breach below triggering further declines towards $67,000 and $66,000.

Analyzing the technical indicators, the hourly MACD for BTC/USD is showing signs of losing momentum in the bullish zone, while the hourly RSI is currently above the 50 level, indicating a positive sentiment among traders.

- Key Support Levels: $68,500, $67,000

- Key Resistance Levels: $70,500, $71,500, $73,500

Source - newsbtc.com

#CryptoNews🔒📰🚫 #BinanceSquareBTC #cryptocurrency $BTC

NFT trading volume in October reached $405 million, marking a 32% increase compared to the previous month's volume of $306 million, according to a report by DappRadar. This shift indicates a reversal in the trend of decreasing NFT transaction volumes that had been ongoing for the past year. The increase in NFT trading volume was attributed to the rise in the price of Bitcoin, which surpassed the $35,000 level. 📈💹🌐 #NFTs #CryptoMarkets #NFTTrading #Bitcoinprice

🚀🚀🚀 #Bitcoinprice Resumes Upside, Why $BTC Could Soon Hit New #ATH

Bitcoin's price is on an upward trajectory, surpassing the $71,200 resistance level and indicating positive momentum that could lead to further gains above $72,500.

The recent surge in Bitcoin's price saw it breaking through resistance levels at $69,500 and $70,000, marking a shift into a #bullish territory. Currently, it is trading comfortably above $70,000 and the 100-hourly Simple Moving Average (SMA).

Additionally, a significant bullish trend line is taking shape with support around $70,750 on the BTC/USD hourly chart, sourced from Kraken exchange data.

Despite a slight correction from the recent high near $72,609, Bitcoin remains well-positioned above $70,000 and the crucial trend line. This correction retraced below the 23.6% Fibonacci retracement level of the upward movement from the swing low at $68,954 to the high at $72,609.

Key resistance levels for Bitcoin are at $72,000, $72,500, and $72,800. A breakout above $72,800 could lead to further gains towards $73,500, $74,000, and potentially $75,000 in the short term.

On the downside, if Bitcoin fails to breach the $72,000 resistance zone, it might experience a downward movement.

Initial support is anticipated around $70,750, coinciding with the trend line. Subsequent support levels are situated at $70,350 and $70,000. A breach below $70,000 could trigger a decline towards the $68,500 support area, with further downside potentially targeting the $67,500 zone.

Technical indicators suggest a moderate loss of momentum in the bullish zone, as observed in the hourly MACD, while the Relative Strength Index (RSI) for BTC/USD hovers around the 50 level.

In summary, Bitcoin's price outlook remains bullish, with the potential for further upside above key resistance levels, provided support levels hold firm amid any corrective moves.

Source - newsbtc.com

#cryptocurrency #BinanceSquareBTC

🔥🔥🔥 #Bitcoinprice Restarts Decline, Can BTC Bulls Protect $60K?

Bitcoin's price has resumed its decline from the $67,000 zone, indicating #BEARISH📉 momentum and a potential revisit to the $61,000 support level.

Key Points:

- Bitcoin failed to surpass the $67,000 resistance.

- Currently trading below $65,000 and the 100-hourly Simple Moving Average.

- A rising channel support at $64,900 was broken on the BTC/USD hourly chart.

- Further decline is possible unless the $65,000 resistance is cleared.

Bitcoin Price Recovery Stalls:

- Bitcoin attempted a recovery above $65,000 and briefly exceeded $66,200 before facing resistance near $67,000.

- Subsequently, it declined again amid escalating tensions between Israel and Iran.

- The price dropped below $65,000 and $64,000 levels, breaching the 50% Fib retracement level from the recent swing low to high.

- Additionally, a break below the rising channel support at $64,900 was observed.

Technical Indicators and Potential Outcomes:

- Immediate resistance lies near $63,750, followed by $64,700 and $65,000.

- A clear move above $65,000 could signal further upward movement towards $66,800 and the 100-hourly Simple Moving Average.

- Major resistance is expected near the $67,200 zone, potentially pushing Bitcoin towards the $70,000 resistance level.

Possible Further Losses in BTC:

- If Bitcoin fails to surpass the $65,000 resistance, it may continue its decline.

- Immediate support is around $63,000, followed by $62,000.

- A close below $62,000 could trigger a drop towards the $61,000 support level, with further losses potentially reaching the $60,500 zone.

Technical Indicators:

- Hourly MACD shows a decline in bearish momentum.

- Hourly RSI for BTC/USD is below the 50 level, indicating bearish sentiment.

- Support Levels: $63,000, $62,000

- Resistance Levels: $64,700, $65,000, $67,000

Source - newsbtc.com

#cryptocurrency #BinanceSquareBTC #BTC🔥🔥🔥🔥🔥🔥

👉👉👉 Will Bitcoin (BTC) Price Fall Below $60k This Week?

The Bitcoin ($BTC ) price outlook appears cautious as larger holders, commonly known as #Whales , holding between 100 to 1,000 BTC have stabilized their holdings since March 25, indicating a pause in accumulation. Additionally, the Relative Strength Index (RSI) has dipped from 76 to 69, suggesting a short-term cooling in momentum.

Furthermore, the Exponential Moving Average (EMA) lines are approaching a death cross, a pattern often interpreted as a bearish signal for BTC. This occurrence, where the short-term moving average falls below the long-term average, may indicate a shift towards a downtrend.

The stability in the number of wallets holding significant amounts of BTC suggests a lack of further accumulation by whales. This behavior could signify a diminishing interest or a cautious stance from these influential players, potentially impacting market sentiment and prompting other investors to follow suit.

The RSI, a momentum indicator, currently stands at 69, indicating a balance between buying and selling pressures. While not in the overbought territory, the RSI's decline from higher levels suggests a cooling off in Bitcoin's fervor, coinciding with a stabilization in its price range.

The nearing death cross of the EMA lines, which prioritize recent price action, underscores the potential for a shift from bullish to bearish market conditions. If this trend continues, BTC's price could potentially decline to $59,200, especially if the $62,300 support level fails to hold.

However, there remains a possibility of a reversal if buyers regain control and drive the market into an uptrend. Breaking through the $71,700 resistance level could signal renewed bullish sentiment, challenging the current bearish outlook for Bitcoin.

Source - beincrypto.com

#CryptoNews🔒📰🚫 #BinanceSquareBTC #cryptocurrency #Bitcoinprice

🔥🔥🔥 #Bitcoinprice Restarts Increase – Can BTC Pump To $45K Again?

Bitcoin's price is making a recovery, surpassing the crucial $42,000 resistance level. To initiate a further uptrend, BTC needs to successfully clear hurdles at $42,800 and $43,500, ultimately targeting the $45,000 resistance.

As of now, Bitcoin is trading above $41,500 and the 100 hourly Simple Moving Average (SMA). A significant bullish trend line is forming with support around $41,500 on the BTC/USD hourly chart, sourced from Kraken exchange.

Bitcoin's recent positive movement began with the establishment of a support base above $40,000. The #cryptocurrency gained momentum, breaking through resistance at $41,200 and $41,500, opening the path for further upside. Subsequently, it surged past $42,000 and the 100 hourly SMA. The price reached a high near $42,800 but experienced a minor pullback, briefly dropping below $42,200.

In terms of retracement, Bitcoin tested the 23.6% Fibonacci retracement level of the upward swing from the $38,518 swing low to the $42,800 high. The mentioned bullish trend line, coupled with support at $41,500, acted as a buffer.

At present, Bitcoin is trading above $41,500 and the 100 hourly SMA. The immediate resistance lies near $42,500, with the subsequent key hurdles at $42,800 and $43,500. A successful breach of the $43,500 resistance could pave the way for a test of $44,250, followed by a major resistance at $45,000. A decisive close above $45,000 may fuel additional upward movement, targeting the next significant barrier at $46,500.

Bitcoin faces resistance at $42,800; a failure may trigger a downside correction. Initial support at $41,750, followed by crucial levels at $41,500. A close below $41,500 could lead to bearish momentum, with potential declines to $40,650 or the 50% Fibonacci retracement level.

Technical indicators show positive signals, with the hourly #MACD gaining momentum in the bullish zone, and the hourly #RSI above the 50 level.

Key Levels:

Support: $41,500, $40,650

Resistance: $42,800, $43,500, $45,000, $46,500

#CryptoNews