Bitcoin has come under intense bearish pressure as the benchmark cryptocurrency caves towards the $42,000 support area. This decline comes despite the recent Bitcoin 2022 conference, which many expected to extend some bullish support to the cryptocurrency.
The primary cryptocurrency currently appears to be descending in a batched pattern as the $41,000 level comes into view again. A continuation of this pattern in the coming hours suggests that BTC will continue its descent to the $41,000 - $40,600, where my long-term trendline resides.
On the flip side, a prolonged consolidation above the $42,000 level could trigger a retest and a possible breakout above the $43,000 barrier and help BTC return to the $45,000 axis.
Meanwhile, my resistance levels are at $43,000, $44,000, and $45,000, and my key support levels are at $42,000, $41,000, and $40,000.
Total Market Capitalization: $1.98 trillion
Bitcoin Market Capitalization: $811 billion
Bitcoin Dominance: 41%
Market Rank: #1
The primary cryptocurrency currently appears to be descending in a batched pattern as the $41,000 level comes into view again. A continuation of this pattern in the coming hours suggests that BTC will continue its descent to the $41,000 - $40,600, where my long-term trendline resides.
On the flip side, a prolonged consolidation above the $42,000 level could trigger a retest and a possible breakout above the $43,000 barrier and help BTC return to the $45,000 axis.
Meanwhile, my resistance levels are at $43,000, $44,000, and $45,000, and my key support levels are at $42,000, $41,000, and $40,000.
Total Market Capitalization: $1.98 trillion
Bitcoin Market Capitalization: $811 billion
Bitcoin Dominance: 41%
Market Rank: #1
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