- Bitcoin launched a massive crash under the vital support of $45.4K.
- The coin trades beneath $44K and 100hr Simple Moving Average.
- Kraken data feed shows a crucial bearish continuation setup emerging with resistance at $43.5K on BTC/USD hourly chart.
- Bitcoin might encounter resistance with a move past $44K.
BTC extended its plummet beneath the $4K level. The leading altcoin risks further drop unless it breaks past $45K.
BTC Price Still At Risk
Bitcoin price launched a massive crash beneath the $46.5K and $45K support areas. The largest cryptocurrency remained within a bearish territory and saw a move beneath the $44K mark. Meanwhile, the price settled beneath $43.5K and 100hr SMA. Furthermore, BTC had a clear slide under the $43K mark as the token exchanged hands at the lows of $42,424. For now, the crypto consolidates its losses beyond the $42.5K value area.
The closest resistance sits around $43.5K, close to the 23.6% FIB retracement area of the latest fall from a swing high of $47,065 to $42,424. Moreover, BTC/USD one-hour chart shows a vital bearish continuation setup emerging with resistance around $43.5K.
Bitcoin’s first massive resistance to the upwards stands around $44.5K. The following hurdle is at $44,750, near 50% Fibonacci retracement of the latest crash from $47,065 to $42,424. Meanwhile, a decisive move past the resistance level at $44,750 might launch a lucrative recovery wave. BTC will meet the resistance at $45.6K and 100hr Simple Moving Average. Rallying past this level may see bulls regaining momentum.
More Drops in Bitcoin?
Bitcoin can continue sliding if it fails to rise past $44.5K. The closest support zone stands near $42,650. Meanwhile, the first massive foothold sat at $42.5K and the latest low. Nevertheless, breaking beneath $42,424 might see BTC dropping further. With that, the leading crypto might explore the $40,000 mark.
Bitcoin started new downside actions after Fed Reserve’s minutes highlighted rake hikes, citing inflation concerns. Nevertheless, analysts pointed that Bitcoin usually presents such developments after the reports.
Bitcoin Technical Indicators
- Hourly MACD is losing momentum within the bullish region.
- Hourly RSI sits beneath the 50 mark.
- Vital support areas – $42.5K and $40K.
- Vital resistance areas – $43.5K, $44K, and $44,750.