Wed. May 22nd, 2024

📈 Price Recovery:

  • Bitcoin regained ground above the $43,500 resistance, signaling a positive trend.
  • The price is currently trading below $44,000 and the 100 hourly Simple Moving Average.

📉 Bearish Trend Line and Resistance:

  • A key bearish trend line is forming with resistance near $44,400 on the BTC/USD hourly chart.
  • The recent rejection near the $44,500 resistance faced hurdles at the 76.4% Fib retracement level.

💼 Current Price Movement:

  • Bitcoin is correcting gains after facing resistance, trading below $44,000 and the 100 hourly SMA.
  • Immediate support is near $42,800, and the key support levels are $42,150 and $42,000.

🚀 Upside Potential and Resistances:

  • A close above $44,400 could lead to further gains with the next resistance at $45,500.
  • Continued momentum might open doors for a move toward the $46,000 level.

📉 Potential Downside:

  • Failure to break the $44,400 resistance may trigger a fresh decline.
  • Immediate support is near $42,800, followed by major levels at $42,150 and $42,000.

🌐 ETF Anticipation and FUD Impact:

  • Bitcoin’s price movement is also influenced by the anticipation of the first U.S. Bitcoin exchange-traded fund (ETF). Traders are navigating uncertainties and FUD (Fear, Uncertainty, Doubt) related to regulatory decisions, adding an extra layer of complexity to the market dynamics. As ETF discussions unfold, investors remain vigilant for potential impact on Bitcoin’s short-term and long-term trajectory.

Conclusion: Bitcoin’s technical analysis shows a delicate balance between key resistance and support levels, with ETF-related factors introducing an element of unpredictability. Traders are advised to stay informed about regulatory developments and closely monitor the outlined price levels for strategic decision-making.

By Julia

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