Bitcoin Price Facing Resistance at $44.5k Potential for Downward Correction

[Cheema02]

Hi Everyone, Bitcoin price faced hurdles near $44,500 after a recovery above $43.5k. Currently correcting it might test the $42,150 support level. I think recent positive momentum saw BTC climbing above $43.5k but encountering resistance at $44.4k. Despite the upward move rejection was evident near the $44.5k zone leading to a correction in gains. Bitcoin is now trading below $44k and the 100 hourly Simple Moving Average.


The $44k level stands as immediate resistance with a significant barrier forming at $44,400 along with a key bearish trend line on the BTC/USD hourly chart. A close above $44.4k could drive the price higher eyeing resistance levels at $45.5k and potentially $46k. Conversely failure to surpass the $44,400 hurdle might initiate a fresh decline. Initial support lies with a crucial support zone. A move below $42k could pave the way for a bearish trend targeting the $40.5k support in the near term. details

[Ambatman]

There would be erratic movements before the ETF approval date. If price doesn't stay above $45K instead stays below then there would be an high likelihood that it would fall to fill the gap created during the recent fall. But any recovery after the dip would likely cross the $50K mark because it has finally gathered momentum for a pump. Lets see how the ETF plays out