Table of Contents
The crypto market has been ranging all day with the Bitcoin price still trading around the $46,876 to $42,190 key support region on the 4-hour timeframe. This support is very important for the Bitcoin bulls as a break below it could spell doom and a resumption of the bearish trend on Bitcoin.
Bitcoin has managed to hold this level so far but has failed to break through it. Every time the Bitcoin price has attempted to rally and break through it, we see the price fail and crash back down into the support region.
These bullish fakeouts are caused by the ever-growing bearish pressure building up at that key level. But how long will this wall of resistance hold?
You can trade Bitcoin with leverage, sign-up to Bybit right now! You can also get up to $1,610 in deposit bonus when you sign-up and fund your Bybit account with our Bybit link.
Claim up to $30,030 in Bonus
What Does This Mean For Bitcoin?
Well, this simply means there is a growing battle between Bitcoin buyers and sellers to see who will control the larger Bitcoin trend for the coming weeks.
And whichever trend gets the upper hand could be a fate decider if the current bull run in the Bitcoin price has ended or has only begun. But for right now, the Bitcoin price is still at no man’s land and undecided on what it wants to do next.
Bitcoin Bullish Prediction
As far as the $42k support region holds we can expect that the coming Bitcoin rally will push the Bitcoin price higher in the coming days fully resuming the Bitcoin bullish trend we have been enjoying for the past few weeks. This rally could even push prices to new highs in no time.
Bitcoin Bearish Prediction
For the Bitcoin bearish prediction, the $42k support needs to give way. A break below this support could see the Bitcoin price crashing back to the $28k price level, bringing an end to the current Bitcoin bullish rally.
We are still very bullish on the Bitcoin price and believe there is a very high probability for us to see a massive rally happen soon. However, Bitcoin needs to respect and break above that $46k to $42k key region on the 4-hour timeframe before this rally can play out.
Until that happens, the Bitcoin price might just continue to range around this key region.
Claim up to $30,030 in Bonus
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting