Bitcoin fails at $42,500 πŸ˜’

    Complicated start of the session for Bitcoin. The cryptocurrency fails again against $42,500. Uncertainties appear this Wednesday, they could lead to a further fall in cryptocurrencies. Explanations.


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    It’s a tense day for market professionals. Amateurs also won’t find anything there. The Bitcoin foreshadowed strong increases in the coming years, it is not so for the time being. Blame it on another failure around $42,500, a fateful resistance for the cryptocurrency.

    Of course the medium-term charts show a nice evolution of Bitcoin supports. 36,000, then 38,000 and finally 39,000 and 40,000 dollars. A false bullish bias since the BTC evolves above all in a range market.

    A market that will have to explode one day or another in favor of new supports and resistances, around 48,000 and 50,000 dollars. For the time being, the session is bad, Bitcoin is still coming up against its Everest of $42,500, an impassable peak that pushes it back into the ropes with each attempt.

    Towards the breaking point? πŸ‘€

    The main information of the day remains the progression of the supports of the currency. Since January 20, a bullish support line has been emerging. 34,500 dollars in mid-January, 36,700 dollars at the beginning of February, 37,000 dollars at the end of February, 37,500 dollars in mid-March then 40,900 dollars for a week. Suffice to say, Bitcoin has been progressing since the beginning of the year.

    Of course the currency satisfies investors who bought below 37,000 dollars. Those who arrived later or who bet thinking of a rise beyond 44,000 dollars remain unsatisfied. Nevertheless, and this is undoubtedly the fundamental point: Bitcoin could break through these resistances, such as the $10,000 mark that it had finally exploded in 1 year in September 2020 to reach more than $61,000 6 months later. in April 2021.

    Image source Michael Fârtsch 🎯

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    Zun Tsu
    Zun Tsu
    NFT enthusiast. Writer. Journalist. Sharer of reliable and sourced news.
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