Bitcoin (BTC) has exceeded the $42,000 price level, but a close above this level has not yet occurred. After a resistance test a few hours ago, it is uncertain which direction the BTC price will take. Current data provides clues to investors about what to expect in the coming days.
As the price of Bitcoin rises, there is a general recovery in cryptocurrencies. Since it is not logical for altcoins to rise while BTC falls, it is important to closely monitor the performance of Bitcoin, which is considered the king of the crypto market. It is expected that BTC, which has been rising for seven weeks, will experience a correction from an overbought zone.
The reaction of Bitcoin at the $42,000 level is extremely important. This resistance test, which is still very fresh, can lead to high volatility. For now, investors are considering which levels to pay attention to if the price falls rapidly to take profits.
If a pullback occurs after the strong resistance at $42,000, the support level to be followed on the daily chart is stated to be $36,000. If this support does not hold, Bitcoin may retreat to the range of $34,100-32,400, which corresponds to the 0.5-0.618 Fibonacci levels.
If the expected correction does not occur and the BTC price continues to rise steadily, a rally up to $48,500 may be seen after a close above $42,000. This level represents the long-term 0.618 Fibonacci correction from the bottom point of the previous all-time high. If there is no major correction in between, it is believed that this level could be seen for BTC in the coming days.