Price Analysis

After Standing Strong Around $45K For a Week, Will Bitcoin(BTC) Price Make it to $50K or Break it to $42K?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Apr 6, 2022

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Highlights

    Bitcoin price is on the verge to slash below the crucial support very close to $45,000 after fighting to hold for more than a week

    If the price continues with the same momentum then the asset could also hit the lower support close to $43,000

Bitcoin is presently displaying an immense bearish trend with the price expected to break through the support and discover lower support close to $42,500. The BTC price broke down from the huge ascending triangle and tested the lower support at $44,700. While the bears appear extremely poised to drag the price below these levels, the bulls are utilizing all their resources to keep up above the pivotal levels. 

 The star crypto held the $45,000 levels for a pretty long time before it ignited a significant drop. The drops get intensified over the past couple of days and since the early trading hours, the price sliced through the ascending triangle. After visiting the lower support, the asset is trying very hard to prevent further plunge yet the bears appear to be pretty strong at the moment. And hence with the rejection, the possibility of hitting $43,000 emerges.

Also Read: Ethereum(ETH) Price May Surge High in April 2022 But Still May Have a Bearish Monthly Close!

The analyst believes the price to bottom to the lower support close to $43,000 as the price yet again gets rejected from the upper resistance. However, the analyst believes that unless and until the price is swinging in between the orange and green line, that’s $44,000 and $47,000, then the chances of a significant uptrend remain alive. 

Therefore, the upcoming couple of hours may be extremely important. If the Bitcoin price fails to sustain at $44,700 levels, then the asset could slice through the support to hit the crucial support at $43,000. No doubt these levels are pretty unlikely and only in case of a steep drop, the asset could visit these levels. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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