Bitcoin Price Action
Bitcoin fell to an early morning low of $43,102.0 before recovering support, indicating a mixed start to the day.
Bitcoin surged to a mid-morning high of $44,356.0, avoiding the 38.2 percent FIB of $41,592 and the first major support level at $41,450.
Despite the rally, Bitcoin fell short of the first significant resistance level at $44,849, resulting in a drop to below $44,000.
At the time of writing, Bitcoin is trading at $44,231 up by 3.8% in the last 24 hours. Looking ahead, the first major resistance is at $44356. If there isn’t a broad-based crypto rally, the resistance at $45,000 will likely cap any further gains.
Before any retracement, Bitcoin might hit resistance above $48,000 if it continues to rise through the afternoon. $46,124 is the second significant resistance level.
If the price falls below the $42,725 pivot, the 38.2 percent FIB of $41,592 and the first major support level at $41,450 will be tested.
However, unless there is a sustained sell-off into the afternoon, Bitcoin should avoid falling below the $40,000 support level. $39,326 is the second significant support level.
Volatility Always an Opportunity!
Pentoshi, a trader, compared this year’s bull market to past years’ bull markets, which experienced numerous deeper falls from local highs on the route to a wider cycle top.
He says, peaks without valleys is not possible. He draws parallel to 2017, were 5 corrections lasted between 13-34 days greater than 20%. Similarly, This year there have been 5 corrections of greater than 20% and $BTC is still currently 42.5k
“The volatility is all opportunity at the end of the day” he added.