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<ul>
 <li>Bitcoin and other cryptocurrencies experienced a setback on Tuesday, but the technical market landscape indicates that gains in the recent month-long rally could continue.</li>
 <li>Crypto bulls remain optimistic about the approval of the first spot Bitcoin exchange-traded fund (ETF) by U.S. regulators in the near future.</li>
 <li>Beyond Bitcoin, Ether, the second-largest token benefiting from hopes of being held in an ETF, dropped by less than 1% to $2,050.</li>
</ul>
<p><strong>Bitcoin and cryptocurrencies continued to lose value on Tuesday: What will be the next target for Bitcoin price? Can the decline persist?</strong></p>
<h2 id="strong-can-bitcoin-price-stay-strong-strong"><strong>Can Bitcoin Price Stay Strong?</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126552" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="bitcoin-btc" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/bitcoin-btc-1-1.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>Bitcoin and other cryptocurrencies experienced a setback on Tuesday, but the technical market landscape indicates that gains in the recent month-long rally could continue. Bitcoin’s price dropped over 1% in the last 24 hours, falling below $36,500, and the largest digital asset retreated further after approaching $38,000 last week – the highest level since the severe bear market entry for cryptocurrencies in May 2022.</p>
<p>Bitcoin recorded an increase of over 30% in less than a month, prompting calls for a new bull market, while the recent rally lifted cryptocurrencies out of a long period of subdued volatility and historically low trading volumes. Katie Stockton, Managing Partner at Fairlead Strategies, said:</p>
<blockquote>
 <p>“Bitcoin support is around $30,900 at the 50-day moving average. The long-term outlook is improving.”</p>
</blockquote>
<p>Bitcoin outperformed the Dow Jones Industrial Average and the S&amp;P 500 by a significant margin in the last month, and traders are mostly bullish due to catalysts related to crypto. However, the macro backdrop has also improved for all risky assets.</p>
<h2 id="strong-markets-believe-the-rally-will-continue-strong"><strong>Markets believe the rally will continue</strong></h2>
<p>Crypto bulls continue to be optimistic about U.S. regulators approving the first spot Bitcoin ETF in the near future, expecting it to bring a new wave of investor interest in digital assets.</p>
<p>Looking closer, according to analysts, Bitcoin has momentum, and technical analysis indicates signs that the cryptocurrency could continue to gain. Stockton continued:</p>
<blockquote>
 <p>“Bitcoin rose further last week and broke above resistance near $35,900. This implies a breakout that expects completion above this level on Sunday. A breakout will support a higher continuation towards the secondary resistance near $42,200.”</p>
</blockquote>
<p>Beyond Bitcoin, Ether, the second-largest token benefiting from hopes of being held in an ETF, dropped by less than 1% to $2,050. Smaller cryptocurrencies or altcoins were more mixed, with Cardano dropping 3% and Polygon rising 8%. Meme coins were weaker, with Dogecoin dropping 4% and Shiba Inu losing 5%.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/if-bitcoin-price-holds-strong-it-could-rise-to-42000-how/">If Bitcoin Price Holds Strong, It Could Rise to $42,000! How?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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If Bitcoin Price Holds Strong, It Could Rise to $42,000! How?

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