Important Resistance Level
Updated
Bitcoin is currently trading within a range bounded by resistance around the $44,400 price level (which corresponds to the 0 Fibonacci level) and support between $40,550 and $41,370 (the 1 to 0.786 Fibonacci zone).
Minor support in the 0.382 to 0.236 Fibonacci range has held up well so far, indicating strong buying interest at these levels and the potential for a pivot in the price trend.
Bitcoin's inability to break through the resistance level signifies a bearish (seller) market control, especially near the resistance zone where significant selling pressure is observed.
The $45,000 resistance level is a critical point for both short-term and long-term Bitcoin trends. A breach or failure at this level could lead to significant price trend changes.
This analysis is for informational purposes only and should not be considered as financial advice.
Minor support in the 0.382 to 0.236 Fibonacci range has held up well so far, indicating strong buying interest at these levels and the potential for a pivot in the price trend.
Bitcoin's inability to break through the resistance level signifies a bearish (seller) market control, especially near the resistance zone where significant selling pressure is observed.
The $45,000 resistance level is a critical point for both short-term and long-term Bitcoin trends. A breach or failure at this level could lead to significant price trend changes.
This analysis is for informational purposes only and should not be considered as financial advice.
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