Bitcoin faced significant selling pressure, dropping below the $45,000 mark following negative developments in the ETF process and the release of macroeconomic data in the United States on January 11. The same night, the SEC’s official website posted a false approval announcement, causing concern among investors.
At the time of the report, Bitcoin had fallen to $45,007, previously exhibiting a rising channel formation pattern. After peaking at $49,000 post-Wall Street’s opening on January 11, Bitcoin broke through resistance levels within this formation, but this proved to be a bull trap, leading to losses for many investors.
Key support levels to watch on the hourly chart for Bitcoin are $44,710, $44,300, and $43,712. A close below the $44,710 level could increase selling pressure on Bitcoin.
Important resistance levels on the hourly chart are $45,368, $45,855, and $46,531. Closing above the $45,855 level, which intersects with the EMA 21 (blue line), could help alleviate the selling pressure on Bitcoin.
Investors are advised to monitor these support and resistance levels closely to navigate the volatile cryptocurrency market and make informed decisions.
