Bitcoin Price Prediction: Can BTC Recover Above $42K Support?

Bitcoin consolidates losses against the US Dollar above the $42,000 support level. BTC/USD may correct higher towards the $44,275 or $44,850 resistance levels. The price is still significantly lower than the $45,000 mark and the 100 hourly simple moving average.

Bitcoin’s price has continued to fall below the $45,000 support level. BTC even spiked below the $43,000 mark, but the bears dominated to drive further declines. Price began trading in a range above $42,000. It is, however, still significantly less than $45,000 and the 100 hourly simple moving average. It is now trading near a critical bearish trend line forming with resistance near $43,650 on the BTC/USD hourly chart.

The first significant obstacle is located near the $43,830 level. It is approaching the 23.6 percent Fib retracement level of the critical decline from the $46,845 swing high to the $42,905 low.

The next possible resistance level could be near $44,275, at which point the price may struggle. For instance, if the price rises above $44,275, it may test the $44,875 level. It is approaching the 50% Fib retracement level of the significant decline from the $46,845 swing high to the $42,905 low.

BITCOIN must break through the $44,875 and $45,000 resistance levels to regain bullish momentum. The price may rise to the $46,000 resistance zone in the scenario above. A possible area of intermediate resistance is near the $45,500 level.

Additional Bitcoin Losses?

If Bitcoin cannot break through the $44,875 resistance zone, it may continue to fall. On the downside, immediate support is located near the $43,000 level.

The next significant support level is near $42,900, or the recent low. However, a break below the $42,900 support zone on the downside could exacerbate losses. In the aforementioned scenario, the price could fall to the $42,200 support level in the near term. Therefore, $42,000 may be the next significant support. Good luck!