Saturday, April 13, 2024

If Bitcoin faces challenges below $46K, the topside bias will be exposed.

BTC’s (Bitcoin) value is struggling in the $46k zone against the USD. If it remains there for long, Bitcoin can experience a steep decline in its market value.

Vulnerable Bitcoin

The popular digital asset’s value is facing hurdles near the $46k mark. It extended its decline below $45k. In fact, Bitcoin even plummeted below the support level of $44,200, settling under the 100 hourly SMA (simple moving average).

After experiencing its lowest at $43,374, Bitcoin’s value avoided any downside continuation and has been on a steady recovery. The cryptocurrency reached a break above the $44,200 mark. It broke the Fib Retracement level from the $46,879 high to a $43,374 low drop, as witnessed recently.

Now Bitcoin is tackling a strong opposition around the $45,500 mark and the 100 hourly SMA (simple moving average). The Fib Retracement level is adding to the resistance at the $45,500 level.

$46k remains the zone with the most resistance. If Bitcoin were to enter the positive zone, it would have to surpass the $46k mark, clear the trend line zone and the 100 hourly SMA. The next level of higher resistance is predicted at $47,350. Above this, the value of Bitcoin will continue to rise till it reaches another resistance milestone at $48,500.

Facing Loses

Everything depends on Bitcoin’s recovery. If it remains stuck at the resistance zone of $46k, Bitcoin’s value will continue to decline. It will receive the next support level at $44,200.

The next key support seems to be at the $43,400 mark. The next major support in the decline is $42,000.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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