- BTC price is currently above the $42,179 support level on the 8-hour chart.
- Closing below $42,179 support could trigger a downward movement towards $40,700 – $40,400 support range.
- Strong buying reactions from the support range could push BTC towards $44,000, but closing below $42,179 support may lead to further decline.
Bitcoin’s 8-hour technical chart shows the price above the $42,179 support, with potential for a downward move if it closes below this level. The support range is estimated at $40,700 – $40,400, with a possible rise to $44,000 if strong buying reactions occur.
Medium Term BTC Analysis
When examining the 8-hour technical chart of Bitcoin, price movements are observed above the $42,179 support as of the time of writing. If the BTC price closes below the $42,179 support for 8-hour candles, it may initiate a downward movement.
If Bitcoin closes below the $42,179 support, it is estimated to extend the downward movement to the support range of $40,700 – $40,400. Unless Bitcoin resumes its upward movement with strong buying reactions from the specified support range, the downward movement may continue to around $39,600. It is expected that BTC will rise to $44,000 levels with strong buying reactions from the $40,400 – $39,600 ranges.
However, for Bitcoin to initiate a downward movement, it needs to close 8-hour candles below the $42,179 support. If the Bitcoin price continues to stay above the $42,179 support, it will aim for upward movements first towards $44,200 and then towards $45,600.
