The Bitcoin price fell again yesterday after strong gains in the last few days. The main cryptocurrency temporarily lost more than 5 percent and fell back below the $42,000 mark. Is there a stronger correction now?
Bitcoin price falls to $42,000
In the last few days we have seen extremely bullish developments in the market. After weeks of losses, the Bitcoin price first rose above $40,000 again and then approached $45,000. The price was poised to breach that level and then rally back towards $50,000.
The Bitcoin price kept approaching $45,000. This level established itself as the upper resistance that the price kept trying to break. Bitcoin did not manage this. Now we see a drop in the BTC price to below $42,000 and thus 5% losses in some cases.
Big losses in the market
With the failure to break through the $45,000 mark, the Bitcoin price could not rise towards $50,000 as hoped. This would have been within the realms of possibility if the resistance had been broken through. The same thing happened when the price broke the resistance at $39,000 and then surged above $42,000 about a week ago.
The repeated rejection of the course at $45,000 could mean that the Bitcoin course has lost a lot of momentum and now has to stabilize in a range between $40,000 and $45,000 in order to possibly attack higher rates again. Other crypto currencies sometimes even lost double digits (Solana or Terra).
Is the Bitcoin course threatened with a new correction?
Due to the bullish developments in the last few days, there was great hope that the Bitcoin price could now be bullish again for a few weeks. With the failure at the resistance and the stronger losses as a result, a smaller market correction threatens again.
The November-February major correction saw a fall from the all-time high of over $68,000 to below $35,000 in early February. We are therefore still a long way from the old highs. The current slight correction shows that there may still be a long way to go back to these prices.
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