The Bitcoin price has entered a sideways trend after being rejected several times at the resistance. The price stabilizes at around $42,000. Has the last bull run stopped for now and could Bitcoin even lose value again soon?
Bitcoin price rejected several times at resistance
After breaking through the resistance at $39,000, the Bitcoin price continued to rise sharply and climbed above $40,000. After the price surpassed 41,000, it continued to rally towards $45,000. The price tested this mark several times and tried to break through this resistance.
However, bitcoin failed to break through this resistance multiple times and fell back towards $42,000. The Bitcoin price has been moving sideways since then and was unable to attack the resistance again.
Bitcoin price stabilizes at $42,000
There was great hope that the Bitcoin price would approach the resistance more and more, possibly break through the resistance and then rise in the direction of $50,000. However, after dropping to $42,000, bitcoin failed to continue higher and closer to the resistance.
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With the last sideways movement, the rise in the Bitcoin price has lost some of its momentum in the last few days. For the past 3 days, the Bitcoin price has not even been able to exceed the $43,000 mark.
Could the price crash again?
As the resistance has not been broken and the Bitcoin price remains below $45,000, there are increasing concerns that the price cannot continue its bullish development and that a trend reversal could occur again. If speculative investors liquidate their positions, we could see another crash.
The excellent fundamental data of bitcoin speak against a bearish trend reversal. The Bitcoin hash rate recently rose to a new all-time high. This makes a continuation of the bull run much more likely in the next few days.
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