Cryptocurrency

Bitcoin

<ul>
 <li>Bitcoin initiated a significant decline, starting from the $49,000 resistance zone. The rejection at the 0.618 Fibonacci retracement level resulted in a drop below $43,000.</li>
 <li><a href="https://www.coingabbar.com/en/crypto-currency/bitcoin-btc-prices-usd" title="Bitcoin price" class="f-link" rel="noopener noreferrer nofollow">Bitcoin price</a> faces resistance at $43,500, struggling to break through. Persistent failure could trigger a decline, especially if it stays below the 100-hourly MA and contends with resistance from the 200-day MA.</li>
 <li>On the hourly chart, BTC is trading within a Bearish Pennant Pattern, indicating potential downward movement.</li>
 <li>The weekly candle closed as a shooting star, characterized by a long upper wick and a red body. This candle pattern often signals a weakening or ending uptrend.</li>
 <li>Bitcoin concluded the week with a bearish close, revealing signs of weakness across multiple time frames. The price has formed a double top pattern.</li>
 <li>As per <a href="https://www.coingabbar.com/en/price-analysis" title="Coingabbar analysis" class="f-link" rel="noopener noreferrer nofollow">Coingabbar analysis</a>, Coupled with a bearish divergence on the weekly RSI, Bitcoin's price is exhibiting potential signs of reversal.</li>
 <li>The primary question emerges concerning the new direction, contingent on whether the breach will occur at $41,500 or $43,500.</li>
</ul>
KEY LEVELS :
RESISTANCE LEVEL : $43,400-$44,000
SUPPORT LEVEL : $42,200-$41,500
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Market Standoff: Is Bitcoin Destined for a Breakout or Breakdown

Coingabbar

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