Bitcoin (BTC) is currently under pressure, trading around $43,810, reflecting a decline of 7.26% from its recent high of $47,770. This drop signals a continuation of bearish momentum, with BTC struggling to hold crucial support levels. Immediate support lies at $42,800, and a breach of this level could push prices lower toward $40,500. On the upside, BTC faces resistance around $45,000, and a breakout above this level could reignite bullish sentiment, with a potential target of $47,770.

Technical indicators paint a mixed picture. The Relative Strength Index (RSI) is at 22, suggesting oversold conditions, which could trigger a short-term rebound if buying interest increases. However, the Moving Average Convergence Divergence (MACD) shows negative values, indicating that bearish momentum is still strong. Additionally, trading volume has decreased, signaling exhaustion in selling pressure but also a lack of strong buying interest.

For day traders, a potential buy entry near $42,800 could be favorable if the RSI remains oversold, with a target between $45,000 and $47,770. A stop-loss below $42,000 is recommended to mitigate risk. Swing traders may prefer to wait for a confirmed breakout above $45,000 before entering new positions. With the current market sentiment leaning bearish, caution is advised while monitoring key levels and volume trends.

$BTC

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