Bitcoin recorded downside corrections and traded beneath $42K. The leading crypto should steady above $40K to prevent trend reversals.
- Bitcoin saw a new plunge beneath the $43K and $42Kk levels.
- The price hovers under $43K and 100-Hr Simple Moving Average.
- The 1-hr chart shows a break under a bullish trend-line with $42.5K support.
- The pair may plunge further, but $40K support remains critical.
Bitcoin Price Violates Support
Bitcoin could not maintain its actions beyond the support zone at $43K. The dominant crypto plunged to trade beneath the $42.5K support floor. Moreover, Bitcoin moved beneath the 23.6% Fibonacci retracement area of the upswing from $37,030 to $45,350 peaks. That had BTC breaking beneath a massive bullish trend-line with support at $42.5K (BTC/USD hourly chart).
Bitcoin trades beneath $43K and 100-hr Simple Moving Average now. The coin tests the support barrier of $41.2K. Also, it is near the 50% Fibonacci retracement zone of the upswings from $37,030 to $45,350.
Bitcoin can attempt new upswings if it maintains beyond the support of $41.2K. Meanwhile, the initial resistance stands at $42K. Meanwhile, BTC’s first crucial resistance sits at $42.5K and 100-hr Simple Moving Average.
A clear move past the resistance of $42.5K might trigger new surges in Bitcoin. That way, Bitcoin can overcome the hurdle at $43K. Bulls will meet the next obstacle around the $44,200 mark.
More Dips in Bitcoin?
Bitcoin’s failure to overcome the resistance of $42.5K might unveil the continued downside. The coin would discover immediate support at the $41.2K level. Further losses will see Bitcoin hitting the foothold at $40.2L. However, the currency’s primary support still sits around $40K. A decline beneath this barrier might mean a massive plunge for BTC.
The latest downturns in the crypto world come as Russia escalates its military operations in Ukraine. Bitcoin saw a sudden fall after the former bombed Europe’s leading nuclear plant. Such developments ruin market sentiments, and digital coins might suffer more plunges amid the crisis. However, the cryptocurrency industry sees increased interest as Russians use the assets to escape the plunging ruble. Moreover, Ukraine receives massive crypto donations, meaning crypto is here to stay.
