Bitcoin is presently displaying an immense bearish trend with the price expected to break through the support and discover lower support close to $42,500. The BTC price broke down from the huge ascending triangle and tested the lower support at $44,700. While the bears appear extremely poised to drag the price below these levels, the bulls are utilizing all their resources to keep up above the pivotal levels.
The star crypto held the $45,000 levels for a pretty long time before it ignited a significant drop. The drops get intensified over the past couple of days and since the early trading hours, the price sliced through the ascending triangle. After visiting the lower support, the asset is trying very hard to prevent further plunge yet the bears appear to be pretty strong at the moment. And hence with the rejection, the possibility of hitting $43,000 emerges.
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The analyst believes the price to bottom to the lower support close to $43,000 as the price yet again gets rejected from the upper resistance. However, the analyst believes that unless and until the price is swinging in between the orange and green line, that’s $44,000 and $47,000, then the chances of a significant uptrend remain alive.
Therefore, the upcoming couple of hours may be extremely important. If the Bitcoin price fails to sustain at $44,700 levels, then the asset could slice through the support to hit the crucial support at $43,000. No doubt these levels are pretty unlikely and only in case of a steep drop, the asset could visit these levels.
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Source: https://coinpedia.org/price-analysis/after-standing-strong-around-45k-will-btc-price-make-it-to-50k-or-break-it-to-42k/