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Bitcoin Price Consolidating Within $45K ! Where BTC Price is Heading Next?



Bitcoin Price Action 

Bitcoin and the larger crypto market have had a mixed morning. The $48,000 levels would be in play if Bitcoin moved back through the $45,000 levels.

Bitcoin fell to an early morning low of $43,102.0 before recovering support, indicating a mixed start to the day.

Bitcoin surged to a mid-morning high of $44,356.0, avoiding the 38.2 percent FIB of $41,592 and the first major support level at $41,450.

Despite the rally, Bitcoin fell short of the first significant resistance level at $44,849, resulting in a drop to below $44,000.

At the time of writing, Bitcoin is trading at $44,231 up by 3.8% in the last 24 hours. Looking ahead, the first major resistance is at $44356. If there isn’t a broad-based crypto rally, the resistance at $45,000 will likely cap any further gains.

Before any retracement, Bitcoin might hit resistance above $48,000 if it continues to rise through the afternoon. $46,124 is the second significant resistance level.

If the price falls below the $42,725 pivot, the 38.2 percent FIB of $41,592 and the first major support level at $41,450 will be tested.

However, unless there is a sustained sell-off into the afternoon, Bitcoin should avoid falling below the $40,000 support level. $39,326 is the second significant support level.

Volatility Always an Opportunity!

Pentoshi, a trader, compared this year’s bull market to past years’ bull markets, which experienced numerous deeper falls from local highs on the route to a wider cycle top.

He says, peaks without valleys is not possible. He draws parallel to 2017, were 5 corrections lasted between 13-34 days greater than 20%. Similarly, This year there have been 5 corrections of greater than 20% and $BTC is still currently 42.5k 

“The volatility is all opportunity at the end of the day” he added.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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